Ramitware Payments, a fin-tech startup based in California, is all set to launch a blockchain based operating system, named MoneyOS for global payments.
It aims to ease the cross-border/global payments by freeing up the current complexities. The international financial centre at UAE, Abu Dhabi Global Market (ADGM) will deploy and test MoneyOS during the 2nd cohort graduation Programme of RegLab, ADGM.
Commenting on this development, Kanchan Kumar, co-founder and CEO of the startup, said,
The orbit shifting innovation in payments space requires an active regulatory support that is receptive to creating new models. With the ADGM RegLab association, we will bring to market innovations which would not have been possible to develop or scale in an uncertain regulatory environment.
MoneyOS enables users to collect and make international payments from a single MoneyOS account, bypassing both these traditional methods. In addition to facilitating transactions for businesses, it also allows financial institutions such as banks and other money transfer companies, to build their own cross-border payments offering on this platform and replace slow and expensive wire transfers.
The company was founded by Kanchan Kumar, Sandeep Jhingran and Sandeep Todi in 2015. Remitware Payments aims to make large-scale global payments cost-effective, easier and secure.
Apart from the US, the startup also has offices in Canada, UAE and India. In 2016, the company had raised about $1 million seed funding from 11 investors including Paytm’s Vijay Shekhar Sharma.