Singapore-based Pundi X announced this weekend it has signed a Memorandum of Understanding (MoU) with artificial intelligence firm Borghese Ventures to explore the implementation of blockchain technology for private and public sectors based in Cyprus.
Pundi X reported that with the MoU it and Borghese Ventures will jointly establish a committee to explore and evaluate the feasibility of possible blockchain-related projects that they will roll out to assist Cypriot businesses as well as the government.
“A Cypriot entity will be set up to explore the feasibility of implementing blockchain technology solutions and a blockchain-based payment network across Cyprus powered by Pundi X technology.”
While sharing more details about the collaboration, Joseph Borghese, Founder and CEO of Borghese Ventures, stated:
“When processes in these industries are taken to the blockchain, businesses will have a more secure, more seamless and more straightforward experience. We’re excited to work with Pundi X, bridging blockchain technology between Singapore and Cyprus and implementing these solutions that will have immense benefits for consumers and citizens.”
Zac Cheah, Co-founder and CEO of Pundi X, went onto add:
“By integrating blockchain technology into payments, both customers and retailers can expect a higher level of security and accountability with their transactions. We will be collaborating with Borghese Ventures to onboard more Cypriot retailers into our global payment network in the near future.”