Sompo And BTC Africa Team Up In Efforts To Improve Cross-Border Payments
Sompo Holdings is considered to be one of the top three insurers in the entire nation of Japan, which makes each of their partnerships significant. According to a report by Forbes on November 12th, the company has initiated a business partnership with BitPesa. BitPesa, which also goes by the name BTC Africa, is a digital foreign exchange platform and treasury solution that serves citizens of Africa.
Both Sompo Holdings and BitPesa are feeling encouraged and optimistic about the efforts. Elizabeth Rossiello, the CEO and founder of BitPesa, told Forbes,
“We focus on giving our customers the ability to transact between currencies. Now, we are welcoming other partners from around the world who want access to these markets. Sompo Holdings is one of the largest Japanese insurance companies and they are looking for new markets and opportunities. We can give them immediate access to these markets. For all the financial services they offer, we can provide all the cross-currency transactions to remove any currency risk.”
The general manager for Sompo Digital Ventures and Sompo Holdings, Takehiko Eguchi, said,
“We are very excited about our partnership with BitPesa. Initially, I did not think that our paths would ever cross. However, as I gain deeper understanding of the cross-border money transfer environment, especially in Africa, I see how BitPesa’s mission will completely revolutionize this industry. We are looking forward to tackling this challenge together with BitPesa.”
In this collaboration. BitPesa will provide blockchain services that would help with Sompochange the way that financial transactions happen over borders. Both entities are focused on promoting global trade and gravitating towards the digitization of financial services internationally. With how necessary it is becoming to provide services that can cross borders, having the ability to support the financial needs of these activities is crucial. Some of the biggest challenges of the market are lengthy processing times and expensive fees. By eliminating these concerns, global trade can progress while benefiting the economy at the same time.