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FreeBnk partners E Money Network to issue blockchain-based IBANs

FreeBnk Partners with E Money Network: Key Points

  1. Partnership Overview:
    • UK-based fintech FreeBnk collaborates with E Money Network, a MiCA-compliant blockchain, to issue international bank account numbers (IBANs).
    • Aims to facilitate international money transfers and enhance cross-chain services, lending solutions, and investment tools for crypto investors.
  2. Integration Benefits:
    • FreeBnk will distribute IBANs on the blockchain, integrating traditional banking with decentralized finance (DeFi) features.
    • Enhances financial accessibility and enables seamless navigation between fiat and digital assets for users.
  3. Strategic Objectives:
    • CEO Yunus Emre Ozkaya highlights the partnership as a significant step towards improving financial inclusion and facilitating cross-border transactions.
  4. Industry Context:
    • The initiative aligns with a broader trend towards tokenisation in traditional financial sectors, exemplified by Mastercard’s plan to phase out manual card entry by 2030 using tokenisation services.
    • Recently tested tokenised carbon credits in collaboration with Mox Bank, Libeara, and Standard Chartered Bank in Hong Kong.
  5. Future Outlook:
    • Represents FreeBnk’s commitment to leveraging blockchain technology to innovate financial services and support digital asset management in a regulatory-compliant manner.

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