South Africa-based private equity company, Sekunjalo Investment Holdings (Sekunjalo), has revealed plans to deploy a blockchain business ecosystem – The African Chain 3.0, according to a press release shared on Monday.
The African Chain, which is aimed at delivering a commercially sustainable and responsible financial infrastructure, will launch with support from the Chinese public Blockchain venture, Ultrain.
Per the update, Sekunjalo partnered with Ultrain to adopt its blockchain model to handle payments and other financial services for the project, which operates together with Sekunjalo’s pan-African eCommerce platform.
The co-founder of Ultrain, Emma Liao, stressed the need for such a reliable financial infrastructure in Africa, adding that it “has huge potential to benefit the end-users and businesses, with a better purchasing experience and more efficient transactions.”
Meanwhile, African businesses dealing with travel, supply chain, sharing economy, health care, and other industries, trading in the 4th Industrial Revolution (4IR) and beyond are said to benefit from the project the most.
However, Liao further noted that they would provide training and solutions for other enterprises or ventures in the continent that wish to get on board using the blockchain feature.
Also, the chairman of Sekunjalo, Dr. Iqbal Survé, expressed interest in the development, adding that they have been looking for ways to bring President Xi Jinping’s vision for the Belt and Road in the African continent.
Sekunjalo is delighted that the advances China has made in technology, are now going to be made available for an African payment infrastructure.
African businesses, governments, and companies have been showing practical interest in blockchain technology in developing a whole new system or to improve the already existing ones.
In June, Liberia’s Ministry of Finance and Development Planning signed a Memorandum of Understanding (MOU) with Medici Land Governance (MLG), to digitize its administrative services via the blockchain.
Coinfomania also recently reported that Rwanda is considering how it can benefit from CBDC and blockchain technology.