NEM Ecosystem Company Tingjinke Selected to Implement Spot Payment Solution

Leveraging NEM blockchain technology to optimize financial system performance and reduce overhead

SINGAPORE, June 20, 2016 —–

Singapore-based Dragonfly Financial Technology Co. Ltd. has today entered into an agreement to use NEM blockchain technology to enhance the capabilities and reduce overhead of Metro Money Exchange, a licensed money remittance company licensed by the Malaysian government.

The solution will power the entire remittance chain, from wholesale foreign exchange to final fiat currency at the recipient end. The remittance market in Malaysia is valued at approximately US$10 billion per year.

“This will transform the remittance space by allowing near frictionless participation and reposition the service as a platform business,” said Mr. Huang Lun, CEO of Ting Finance.

The solution can also be applied to banks, who are very positive about it. They will proceed with the project after ensuring stakeholders’ attention and addressing their needs through a detailed workflow.

During discussions with the bank's decision-making level, Ting Financial Technology is also working with money remittance companies in a parallel manner to strengthen their business capabilities. Later, this will be integrated with other financial institutions into a huge ecosystem. The application of the Ting Financial platform will handle security, efficiency, and costs in a robust way, ensuring compliance with regulatory requirements, and more importantly, it will introduce a new model to provide services.

The solution platform will comply with traditional financial regulatory requirements, such as relevant rules, regulations, AML and KYC requirements. These requirements are the responsibilities of licensed financial entities in their daily operations. The platform enables these licensed financial entities to manage all independent customer transactions and allows these licensed entities to manage foreign exchange wholesale and financial functions respectively.

The solution allows each licensed entity to operate its services on an independent private blockchain. At the appropriate time, these licensed entities can choose to enter the ecosystem while still maintaining autonomy.

The significance of the service mainly includes reduced transaction costs, increased transaction speed, full audit trail and balance reconciliation, thus providing an alternative to the current de facto messaging method.

“Over the past three years, we have been at the forefront of designing this solution. Based on a proven approach, we were able to demonstrate the world’s first correctness in setting standards, such as building individual autonomous private blockchains and integrating them into a larger, large network of financial institutions, potentially achieving tens of thousands of transactions per second at a system level, while maintaining the independence of all information on the blockchain. This remittance service is just one of a range of services provided by Dragonfly Finance, including enabling a country to issue its own sovereign digital currency,” said Huang Lun.

At some point in time, the service will expand downstream to include mobile payments, debit card functions, and ATM functions. This is made possible by the universality and scalability of the platform solution. Driven by a core blockchain solution, Dragonfly Finance provides a financial ecosystem that seamlessly and directly couples them from central banks to ordinary consumers.

About Ting Financial Technology

Ting Financial Technology Co., Ltd. is a Singapore-based fintech company. It is a leading financial ecosystem blockchain platform solution provider, including services for payment, clearing and settlement. The founder, Mr. Huang Lun, is a technology entrepreneur and a fintech inventor who is applying for patents. Mr. Huang Lun is a core member of the open source blockchain project NEM.