The collapse of Do Kwon’s Terra empire in May, and Sam Bankman-Fried’s FTX in early November 2022, will be remembered as two incidents that put the crypto industry on the back foot. It is now widely expected that regulators around the world will use the two incidents to justify the establishment of regulatory regimes that are likely to stifle further innovation. That notwithstanding, one Singapore-based blockchain payments company, Wadzpay, has partnered with Saudi Arabian fintech Geidea to provide financial solutions for pilgrims on their way to Mecca.
Providing a Cutting Edge Payment Experience to Visitors
Faced with the inevitable, some players in the crypto industry assert that tougher regulations are not going to stop cryptos and their underlying technology — the blockchain. They point to how digital currencies have been instrumental in lowering the cost of remitting funds inside and beyond national borders. According to this view, the ease and speed of moving funds across borders is another key attribute that makes digital currencies and the blockchain an indispensable part of modern payment systems.
It is these and other attributes of digital currencies that sustain their appeal even as regulators are looking to pounce, and some crypto companies are looking to find or expand into new markets and niches.
For instance, Wadzpay, a Singapore-based company that runs an interoperable blockchain-based payments ecosystem, has partnered with Saudi Arabian fintech Geidea to provide a “cutting-edge payments experience” for pilgrims traveling to Mecca. Khaled Moharem, president of Wadzpay for the Middle East and North Africa (MENA), explained to Bitcoin.com News how his company’s partnership with Geidea enables Hajj pilgrims with e-money wallets to better manage their expenses.
In addition to highlighting the impact of the two firms’ payments solutions, Moharem, a longstanding finance professional, also shared his views on topics ranging from the FTX collapse to regulation of the crypto industry.
Bitcoin.com News (BCN): Recently it was announced that your organization had teamed up with a Saudi Arabia-based fintech, Geidea, to provide future Hajj pilgrims with what was described as a cutting-edge payments experience for the visitors. Can you start by explaining why and how your payment solution makes things easier for Hajj pilgrims?
Khaled Moharem (KM): Thank you, yes, the partnership is to support digital payments for the pilgrims. In…
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