Beijing-based technology and content titan LeEco’s online payments and banking subsidiary LeFinance has partnered with Stellar Development Foundation for cross-border payments and to improve the connectivity and reach of various LeEco businesses.
The announcement came during Stellar co-founder and CTO Jed McCaleb’s keynote presentation at Blockchain Summit that was held in Shanghai in September 2016.
“We’re thrilled to expand Stellar’s reach to China, and impressed by LeFinance’s forward-looking approach to product development and content delivery,” McCaleb said.
Earlier in March, LeFinance launched ‘LeFinance Blockchain Lab’ that is involved in the implementation of the blockchain technology across LeEco divisions. Stellar Development Foundation currently serves as a part of the whole Blockchain Lab strategy.
Under this partnership, LeFinance will use Stellar network for cross-border payments and also monitor credits for usage across their various devices and platforms. The collaboration offers customers, a faster experience while providing a reliable, scalable accounting system for content in the cloud.
“As an Internet ecosystem company, we’re eager to use Stellar’s cutting-edge blockchain technology to enable a seamless experience for billions of customers,” Wang Yongli, Chief Executive Officer of LeFinance, said in a release.
The collaboration with LeFinance signifies Stellar’s growing presence in Asia. Recently, Stellar expanded its services to Philippines, enabling users to send money to anyone in that country over its network, for free. It also partnered with four financial institutions Coins.ph, Flutterwave, ICICI Bank and Tempo, enabling their customers to send and receive low-cost and instant money transfers.
