Blockchain to be used for international money transfers

Elizabeth Barry 6 September 2017 NEWS

blockchain

FlashFX is the first Australian company to receive an ASIC licence for blockchain-enabled money transfers.

Foreign exchange digital currency provider FlashFX has become the first Australian company to use blockchain for international money transfers. Blockchain, the technology behind bitcoin, is a distributed-ledger technology that offers a secure and immediate way of transferring a range of data – in this case, currency.

The fintech company received an Australian Financial Services Licence from the Australian Securities and Investments Commission (ASIC) to provide the blockchain-enabled money transfers.

“FlashFX is designed to revolutionise the way everyone makes international money transfers,” said chief enabling officer Nicolas Steiger. “We purpose built the platform to move money overseas securely, quickly, cheaply and with more control for consumers."

The company's infrastructure is built on the Ripple distributed-ledger technology, the favourite global settlements provider of NAB and Westpac and even international banks such as the Bank of China and HSBC. FlashFX uses Ripple's real-time currency settlement and payment network.

“Blockchain technologies are going to significantly change how value is exchanged in our economy," said FlashFX chief technology officer Michael O'Sullivan. "The use of technologies like Ripple is the start of this move to an ‘Internet of value’ which we are excited to be part of.”

Danielle Szetho, CEO of Australia's fintech industry association FinTech Australia, said FlashFX's announcement further established Australia in the blockchain space.

“Australia is taking a global leadership position with blockchain, including through developing world standards and researching and explaining the best use cases for this important technology,” she said.

“We are already seeing Australia being recognised as a blockchain innovation centre and this is a trend we expect to accelerate."

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