Apollo Fintech to partner CBZ Bank on blockchain solution

By Staff reporter | 19 Mar 2020 at 07:32hrs
Blockchain company Apollo Fintech has announced that it will be working with CBZ Bank to develop and implement three fintech solutions, which will be in use in Zimbabwe
This comes as the Reserve Bank of Zimbabwe recently announced that it had completed a landscaping exercise for a regulatory sandbox. It is also believed that Apollo helped the central bank on the regulatory sandbox.
In an announcement on a social media chat group for the Apollo community, CEO Steve McCullah said three of proposed national solutions would be implemented and developed in partnership with CBZ.
More details are expected to be announced today, as according to McCullah, he could not release more information or even tweet about it because of the time differences between the US and Zimbabwe and the number of channels the approval has to go through on the Zimbabwean side.
Part of the solutions, according to information released earlier, involves a crypto exchange which will include remittance features.
"To give you one example of why this is massive, Zimbabwe receives (US$1 billion) in remittances every year. Currently people are having to send physical cash and go through incredibly difficult routes to get their family cash. This system, along with Knox will allow them to send funds incredibly fast and relatively inexpensively."
A  few weeks ago, on the same chat group, McCullah said the company had signed an agreement to develop, implement and maintain a National Payment Platform and National Commodity Exchange which will be implemented in collaboration with a government-owned corporation.
He said that the core of the payment platform would be a redeemable gold-backed Apollo asset, referred to as Gold Standard Currency.
"By combining the absolute stability of gold, the uncompromising security of blockchain and coupling those with SMS send, NFC cards, physical redeemability, mobile apps QR codes, physical locations and more, you get the most powerful, most advanced and most secure payment system on the planet."
Apollo is also eyeing fintech solutions in other countries which include Malawi, Zambia and Sierra Leone and is currently at various stages of discussion.
No comment could be obtained from CBZ (because of the time article has been run).



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