SHENZHEN, China, Nov. 9, 2019 /PRNewswire/ — Singapore-based blockchain technology developer Pundi X and Cyprus-based artificial intelligence firm Borghese Ventures have signed a Memorandum of Understanding (MoU) to explore the implementation of blockchain technology for private and public sectors based in Cyprus. The signing on November 9th was witnessed by H.E. Mr. Demetris Syllouris, the President of the Parliament of the Republic of Cyprus in Shenzhen, China.

With the MoU, Pundi X and Borghese Ventures will jointly establish a committee to explore and evaluate the feasibility of possible blockchain-related projects that they will roll out to assist Cypriot businesses as well as the government. A Cypriot entity will be set up to explore the feasibility of implementing blockchain technology solutions and a blockchain-based payment network across Cyprus powered by Pundi X technology.

“Having already signed the European Blockchain Partnership, the Government of the Republic of Cyprus is firm in its stance on ensuring wider deployment of blockchain-based services as an innovative technology that can improve the lives of our communities, in full compliance with EU laws,” said H.E. Mr. Demetris Syllouris, the President of the Parliament.

“We welcome the collaboration between Pundi X and Borghese Ventures, and we look forward to how their services will help and improve the transparency and efficiency of our businesses in the near future. Through such partnerships we contribute to sustaining the competitiveness of the European Union within the international arena.”

Powering Cyprus through Function X blockchain technology

Pundi X and Borghese Ventures will work together to identify issues and gaps within different business industries that can be addressed by blockchain technology. These sectors include healthcare, law, fintech, edtech, shipping, land registry, certifications, charity, and many more.

“When processes in these industries are taken to the blockchain, businesses will have a more secure, more seamless and more straightforward experience,” said Joseph Borghese, Founder and CEO of Borghese Ventures. “We’re excited to work with Pundi X, bridging blockchain technology between Singapore and Cyprus and implementing these solutions that will have immense benefits for consumers and citizens.”

With its extensive experience in interfacing with Cypriot businesses, Borghese Ventures will survey the market to find opportunities for blockchain-based solutions. These evaluations will not only be for private businesses, as Borghese Ventures will also explore how blockchain can improve various back-end processes of the government.

On Pundi X’s part, the Cypriot businesses will leverage its network of contacts and relationships to provide access to research facilities and technologists to assist in the evaluation and execution of Function X blockchain technology. The company will also establish a dialogue between European and Asian stakeholders of the blockchain sector, which includes industry experts, tech developers, and its fellow startups.

Revolutionizing payments

On top of these efforts, Pundi X and Borghese Ventures will also explore opportunities to implement blockchain-powered payment solutions across Cyprus. With Pundi X’s suite of blockchain-powered products, Cypriot retailers will be able to accept crypto-asset payments.

Pundi X has already implemented blockchain-powered solutions elsewhere, with merchants across 25 countries now equipped with the XPOS, the world’s first blockchain-powered point-of-sale device. The company will work with Borghese Ventures to explore the feasibility of bringing this model to Cyprus.

“By integrating blockchain technology into payments, both customers and retailers can expect a higher level of security and accountability with their transactions,” said Zac Cheah, Co-founder and CEO of Pundi X. “We will be collaborating with Borghese Ventures to onboard more Cypriot retailers into our global payment network in the near future.”

Video of the signing ceremony: https://youtu.be/7ppxkFlM_nI

About Borghese Ventures

Established in 2016, Borghese Ventures creates solutions powered by artificial intelligence (AI) for enterprises. It focuses on providing solutions to four key sectors: tourism and hospitality, fintech, edtech, and data analytics.

Among its various projects and investments include Mone365, an AI-powered digital payment solution; Chalet 365, a luxury hospitality project that highlights environmental sustainability; and Borghese 365 Wine, which produces and distributes premium wines. It is also rolling out AI-enabled investment technology to assist investors in their decision-making processes.

Headquartered in Nicosia, Cyprus, Borghese Ventures is implementing its solutions in Europe, Africa, the Middle East, and Southeast Asia.

For more information, please visit https://borghese.io.

About Pundi X

Pundi X is a leading developer of blockchain-powered devices, including the world’s first blockchain-based point-of-sale solution, the XPOS, which enables merchants and consumers to do transactions on the blockchain in physical stores.

The XPOS has been shipped to over 25 countries including Argentina, Australia, Brazil, Colombia, Canada, Korea, South Africa, Switzerland, Taiwan, Uganda, the USA, the United Kingdom, Venezuela, and more; 100,000 devices are being targeted for rollout to the global retail market by 2021. The XWallet app from Pundi X has crossed the 400,000 registered user mark as of today.

Pundi X is also the creator of the world’s first fully-functional blockchain phone, Blok On Blok (BOB for short) powered by the Function X decentralized protocol that is designed to empower users to reclaim their data privacy.

The company is headquartered in Singapore. Its international presence includes offices in Jakarta, São Paulo, Seoul, Shenzhen, Taipei, and Tokyo.

Listed as one of the top 50 innovative fintech startups in 2018 by KPMG and H2 ventures and Cool Blockchain Vendors by Gartner, the company is also a member of the Singapore Fintech Association, Fintech Association of Hong Kong, ACCESS, Swiss Finance and the Fintech Association. It is also a founding member of Asosiasi Blockchain Indonesia.

For more information, please visit https://www.pundix.com.

About Function X Foundation

Function X Foundation is a nonprofit, independent organization that supports the growth of the Function X Ecosystem, a next-generation internet service framework, built entirely on and for the blockchain. It is a completely new ecosystem providing a novel service framework by improving existing internet and blockchain architectures, combining the benefits of both and using the most commonly used technical solutions. The foundation is in the process of being set up to manage the usage of the Ecosystem Genesis Fund, which aims to motivate, encourage and facilitate service providers to join and get rooted into the f(x) ecosystem.

For more information about Function X, visit https://www.functionx.io.

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SOURCE Pundi X