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.
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.”