Sompo Holdings, Inc. has announced a business alliance with the leading digital foreign exchange platform and treasury solution based in Africa, BitPesa. This collaboration will allow Sompo to leverage BitPesa’s blockchain services to revolutionize the way businesses and individuals make financial transfers across borders. Both firms intend to help increase global trade and promote the digitization of international financial services.
BitPesa is a Kenya-based digital currency exchange and payments services operator. It was founded in 2013 by Elizabeth Rossiello, its current CEO, and has offices in Nairobi, London, Luxembourg, Lagos, Dakar, and Madrid.
The startup, which allows users to buy and sell digital currencies while also making international payments, also acquired Spain-based online money transfer platform TransferZero earlier this year in a bid to further accelerate its growth across the world.
Sompo and BitPesa aim to create a digital platform that would allow the seamless movement of goods and value around the globe by leveraging virtual currency. The two companies seek to promote a society in which state borders become less relevant for international payments. Eventually, the firms hope to transform the way entities, both companies and individuals, transfer funds across borders.
Takehiko Eguchi, general manager of Sompo Holdings and its unit Sompo Digital Ventures, told Forbes:
“We are very excited about our partnership with BitPesa. Initially, I did not think that our paths would ever cross. However, as I gain a 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.”
BitPesa CEO Elizabeth Rossiello reportedly stated:
Read the interview with BitPesa CEO Elizabeth Rossiello“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 new 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.”
