Velo Labs and Visa will provide loans secured by cryptographic currency
The Velo Labs cryptoproject, supported by the Stellar team, has entered into a partnership agreement with the giant Visa and Lightnet Group, under which it will create modern payment solutions for credit companies in the Asia-Pacific region.
VELO will be used as a digital asset to provide financial solutions.
Ha last week the Lightnet Group signed a cooperation agreement with a major participant RippleNet SCB.
Three payment companies Velo Labs, Lightnet and Visa signed a memorandum of understanding to create payment solutions in Asia.
They will focus on micro, small and medium enterprises (MSMEs) that operate in the local credit market and do not have access to the global financial network.
According to expert agencies, $5.2 trillion worth of MSME loans are not serviced worldwide each year, more than half of which are currently in the Asia-Pacific region.
People are often denied banks when they ask for a loan to start a business or ask for a large sum to buy, for example, a car, but due to lack of credit history they are denied.
The new joint venture between Velo, Visa and Lightnet Group aims to solve this problem and allow customers to receive loans in exchange for cryptographic collateral. Token VELO will act as collateral for the financial solutions offered to customers.
In this way, companies plan to provide fast and cheap transfers between participating banks, payment companies, etc. As a result, more than one billion people will be able to access the global banking network and its capabilities.
Ha last week, Lightnet Group using Velo signed a partnership agreement with Siam Commercial Bank (SCB), one of Thailand’s largest banks and a major member of RippleNet.
The bank will clear the money transfers made by Lightnet and provide simple, real-time money transfers to Lightnet.