Tempo France, has announced that it has decided to quit classical remittances and exclude them from its product line.
The fintech and remittances veteran, which has specialised in money transfers for over a decade and still holds a relevant pan-European licence, said the time has come to give priority to the development of radically new payment business solutions.
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The solutions’ technological base will be a combination of the latest classical payment developments and blockchain. A broad spectrum of digitalassets will be implemented.
Tempo France aims to acquire EU licence to provide digital finance
The company also reported that the solutions would cover all business aspects ranging from onboarding to KYC and AML. Tempo successfully implemented the Stellar blockchain in its payment processing in 2017. Now, the firm aims to obtain a relevant EU licence to provide digital finance (DeFi) services.
Remittances might in the future become just one of several financial applications offered by Tempo, taking a non-primary space in the product line.
CEO of Tempo, Alla Zhedik, said: “We are proud to be the first company that once specialised in remittances only, to embark on such a drastic transformational journey to become a hi-tech payment service provider (PSP).
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By GlobalData“For the past few years, the payments market has seen dramatic changes. Active implementation of blockchain technologies demonstrates unconditional advantages such as the fastest transaction speed, the highest degree of security and lowest possible costs. Thus, the line between classical and digital finance has confidently been erased.
“The number of DeFi projects as well as the ones bridging classical finance and DeFi are growing exponentially, and so are stablecoins, web3 and other initiatives.”
According to Tempo, the number of projects bridging digital and traditional finance will see significant growth in 2024. The number of DeFi transactions will demonstrate a 50% increase monthly.
