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Velo Labs and Visa Team Up to Improve Payment Solutions in Asia-Pacific Region

Mon, 11/30/2020 - 11:05
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Yuri Molchan
Velo has partnered with Visa and Lightnet to power crypto solutions for small and micro lending firms in Asia that accept crypto as collateral
Velo Labs and Visa Team Up to Improve Payment Solutions in Asia-Pacific Region
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According to an article published on Medium, Velo Labs has made a partnership deal with Visa giant and Lightnet Group in order to create modern payment solutions for lending businesses in APAC.

VELO is going to be used as the digital asset to collateralize the financial solutions.

Last week, Lightnet Group inked a partnership deal with a major RippleNet member SCB.

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Velo Labs and Visa sign MoU, VELO token to be used

Three payment companies, Velo Labs, Lightnet and Visa have signed a memo of understanding to cooperate on building payment solutions in Asia.

They will target micro, small and medium-scale businesses (MSME) working on the local lending market that have not been connected to the global financial network.

According to the recent data from expert agencies, around the globe annually there is $5.2 trillion in MSME lending that is unserved. Over half of this gap is currently observed in the APAC area.

Often people get rejected in banks when they ask for a loan to start a business or make a large purchase, like a car, based on the absence of a credit history or due to being not creditworthy.

However, the new joint venture of Velo, Visa and Lightnet Group intends to solve this problem in the Asia-Pacific region and let customers get loans in exchange for crypto collateral.

VELO will be the token to collateralize the financial solutions offered to the clients.

Thus, the aforementioned companies plan to provide fast and cheap transfers between the banks, payment companies, etc, that participate. Thus, more than one billion of underserved people will be able to access the global banking network and the opportunities that it offers.

Ripple-Friendly Siam Commercial Bank Collaborates with Top Singapore Blockchain Remittance Firm

Lightnet Group partners with a major RippleNet member

Last week, U.Today reported that Lightnet Group inked a partnership deal with Siam Commercial Bank (SCB) – one of the largest banks in Thailand and a major RippleNet member.

Lightnet is powered by Velo. However, SCB will now power global Lightnet’s remittances from and to Thailand.

In particular, the bank will be clearing Lightnet’s remittance payments and provide easy real-time cash wires for Lightnet.

Velo Labs intends to create a global credit exchange network based on the Velo protocol.

The latter powers digital loans backed by any fiat currency and uses VELO tokens to collateralize them.

Presently, the company works in the South-East Asia in both DeFi and CeFi areas.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at