Sompo Holdings uses Blockchain Technology

Sompo Holdings has concluded an alliance with the leading digital foreign exchange platform and treasury solution, BitPesa. This collaboration allows the Nippon insurer to integrate the Blockchain services provided by the Nairobi-based platform to overhaul its system of cross-border financial transactions.

International remittances and cross-border payments play a key role in the support of the insurer's activities financially. Somp Holdings and BitPesa believe that the use of virtual currencies will solve the problems associated with costly exchange charges, while reducing long processing times.

"Sompo Holdings is one of the largest Japanese insurance companies and they are looking for new markets and new opportunities. We can give them immediate access to these markets. For all the financial services they offer, we can provide all the cross currency transactions to remove any currency risk" said Elizabeth Rossiello, CEO and Founder of BitPesa.

Beyond this new alliance, Sompo Holdings also intends to invest in the platform by strengthening the company's infrastructure in Africa and the Middle East. An investment that will enable BitPesa to gain international credibility, expand its geographical presence and develop its customer base.