South African media entrepreneur Dr. Iqbal Survé has launched a new public blockchain partnership to build an African payment infrastructure using the model developed by Chinese public blockchain firm Ultrain Technology Limited.
Based on the public access for commercial use blockchain model developed by Ultrain, the digital payments infrastructure will aim to handle payments, clearing and possibly lending, among other financial services, according to a press release sent to Moguldom.
Survé is the chairman of the South African diversified investment group, Sekunjalo Investment Holdings. Survé, a qualified medical doctor, was chairman of the BRICS Business Council and served as president and chairman of the BRICS Business Council for the five countries in 2018.
Sekunjalo will develop the pan-African open blockchain business ecosystem, called The African Chain 3.0, based on the existing blockchain model developed by Hangzhou-based Ultrain.
Chinese President Xi Jinping has expressed support for blockchain in China as part of the process of building a Chinese digital ecosystem that could open up financing for businesses and help to alleviate poverty.
The Ultrain and Sekunjalo partnership aims to bring similar benefits to the African market, IOL reports. The African Chain will be run together with Sekunjalo’s pan-African e-commerce platform.
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“I am excited about this partnership and investment with Ultrain, as the potential to radically change and enhance how the continent does business, is unlimited,” Survé said in the press release.
“Sekunjalo is delighted that the advances China has made in technology, are now going to be made available for an African payment infrastructure,” he added.
“The opportunities for collaboration with Ultrain are immense and we are therefore looking forward to growing our joint footprint on the African continent, and positively contributing to Africa’s digital evolution.”
Typical businesses that could benefit from the African Chain include travel, luxury goods, supply chain, sharing economy, healthcare, retail, media entertainment, and new energy sectors, Finextra reports.
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Ultrain and Sekunjalo have committed to using part of the profitability of their partnership to fund philanthropic African initiatives, according to AfricaNews24.
One of the initiatives is expected to involve the training of young Africans — with an emphasis on women — in blockchain technologies and payment systems.