Indra, one of the leaders in the field of technology solutions and consulting, and eCurrency Mint Limited, the pioneer provider of central bank digital currency solutions (CBDC), have joined their efforts to provide central banks with end-to-end digital currency solutions. They aim to deliver comprehensive solutions for central banks that have decided to launch their own digital currency.
Eurasiareview reports that eCurrency and Minsait Payments, the payment solutions subsidiary of Minsait, Indra, are merging. The new organisation is ready to offer central banks complex solutions to stimulate CBDCs and their ecosystems in several geographical regions.
Many countries are studying the issue and taking attempts to introduce their own digital currency, which they hope will help prevent fraud attempts, ensure financial stability, and make the monetary system more modern and efficient. A CBDC issued by the central bank that has the features of a physical currency guarantees the general public the same level of trust and access as cash.
eCurrency and Minsait Payments have taken the responsibility to organise and support all the processes. The companies will offer package solutions ranging from carrying out analysis up to implementing CBDC with security mechanisms enabled. With a comprehensive and high added-value portfolio, Minsait Payments will boost a unique and differentiated option for digital services, based on the generation of intelligence and the application of machine-learning algorithms.
Jonathan Dharmapalan, Chief Executive Officer at eCurrency Mint (eCM), has stated that the company is “delighted to have formed this partnership with Indra to deliver an end-to-end solution and achieve true financial inclusion.” eCurrency pioneered the world’s first retail CBDC solution to enable central banks to issue secure digital bearer instruments by means of Digital Symmetric Core Currency Cryptography (DSC3) technology and supporting tiered distribution across the existing banking and financial technology ecosystems.
Álvaro de Salas, Director of Strategy and Innovation for Financial Services at Minsait, has also commented on the issue, saying “We’re proud to have entered into a partnership with eCurrency, the leading technology platform provider for the CBDC market. Through our association with eCurrency we’ll enhance the commercially available solution that will digitalise the properties of physical cash.”
Minsait Payments is a major player on the payment methods market. The company is constantly developing, providing innovative digital payment systems and solutions. Customers get access to a wide range of services, including tokenisation, payments examination, and cybersecurity enhancement.
Minsait Payments covers all products, solutions, and payment system services to increase business agility, boost innovation, apply a higher management-centered approach, and gain strategic flexibility.
The new union is expected to help central banks make a fast transition to digital currency. Many countries are ready for the step, but struggle to make it on their own. For instance, Nigeria, having been working on eNaira for five years already, failed to launch it on the scheduled date and has not announced a new launch date yet.
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