The California-based Remitware Payments (Remitr) is launching a blockchain-based operating system, called MoneyOS for international payments. The new feature will make the cross-border money transfer more accessible. The international financial center at the UAE, the Abu Dhabi Global Market (ADGM) will deploy and test the MoneyOS during the 2nd cohort graduation programme of RegLab.
Co-founded in 2015 by Kanchan Kumar, Sandeep Jhingran, and Sandeep Todi, Remitware Payments is a FinTech startup. Its primary goal is to make global payments cost-effective, secure, and more accessible. Headquartered in the USA, the company also has branches in Canada, UAE, and India. Last year, it managed to raise US$ 1 million in seed funding from eleven venture capitalists, including Paytm‘s Vijay Shekhar Sharma. In addition to that, Remitware is among the 11 startups shortlisted for the 2nd cohort of ADGM’s RegLab.
Kanchan Kumar, cofounder & CEO of Remitware, commented that without the RegLab, it would not be able to bring market innovations or scale in an uncertain regulatory environment.
MoneyOS allows users to collect and make payments worldwide from a single account and leaves behind all the traditional money transfer methods. It also facilitates business transactions and allows banks and financial institutions to set-up their own cross-border payments.
MoneyOS makes use of ML and AI to secure the money flows across diverse payment networks such as bank accounts, wallets, and other innovative payment instruments. The ML is used to detect patterns in money flow and to process unstructured data intelligently.
Wai Lum Kwok, the Executive Director of Capital Markets at ADGM’s Financial Services Regulatory Authority confirmed that ADGM would continue supporting actively the deployment of innovative FinTech solutions that have the potential to disrupt the industry.