Tempo France Set To Focus Its Attention on DeFi

Tempo France, a payment system company based in the EU, is quitting classical remittances and will no longer offer them in its product line.

Tempo France is a fintech company that deals in money transfers. It also holds a pan-European license, and it has now announced plans to foster the growth of its payment business solutions. As part of its restructuring plan, Tempo France is now planning to bring together the latest developments in the payment industry and blockchain technology.

As part of its new offerings, Tempo France will support digital assets. The new payment solutions adopted by the company will cover a wide range of areas including onboarding processes, know-your-customer (KYC), and anti-money laundering (AML).

Tempo France Switches From Remittances to DeFi

As part of its journey towards offering DeFi services, Tempo France has partnered with the Stellar blockchain. It partnered with Stellar in 2017 to streamline payment processing.

Tempo France is now planning to secure an EU license to offer DeFi services. If this plan is realized Tempo France will be in a position to offer a wide range of financial applications besides remittances, which will add to its vast product line.

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Tempo’s CEO, Alla Zhedik, opined that the offering will be a one-of-a-kind in the financial services industry. “We are proud to be the first company that once specialized in remittances only to embark on such a drastic transformational journey to become a high-tech payment service provider (PSP).”

The executive noted that the company’s plan to embark on blockchain offerings was driven by dramatic changes in the payments industry. She noted that the use of blockchain technology streamlines the market because of fast transaction speed, improved security, and reduced costs.

Blockchain Is Bringing Traditional and Digital Finance Together

Blockchain technology also presented a merge between classical and digital finance. The number of DeFi projects was growing significantly. Furthermore, stablecoins, Web3, and other initiatives also presented a leeway for new payment initiatives.

Tempo France anticipates that the number of projects bridging the traditional and digital finance industries will grow in 2024. Furthermore, the number of DeFi transactions in the industry will also increase by 50% every month.

Zhedik also opined that Tempo would suspend remittances and follow the modern trends in the payments market. The fintech also plans to transform its business model to bring together new technological approaches, classical finance, and DeFi.

Tempo France is already working with some of the leading players in the industry including Advanced Payment Solutions and Armenotech. The adoption of blockchain technology has also made the Stellar blockchain popular across Africa, Asia, the EU, and South America.

According to Zhedik, the new strategy sought to implement multiple products that want to implement blockchain technology in processing payments for cross-border payments. The offering will allow the company to attract more investors seeking to explore different markets including stablecoins, DeFi, and other blockchain projects.