ZILHive accelerator aims to foster future blockchain for FinTech superstars

Blockchain developer Zilliqa (ZIL) unveiled its 2020-2021 cohort of companies for its ZILHive Accelerator program, giving blockchain for FinTech and Open Finance (OpFi)-minded developers and investors eight new prospects to watch.

The six-month accelerator works with early- and late-stage startups that plan to use Zilliqa's blockchain platform to build blockchain for FinTech, and the more specific area of OpFi.

The program, which started August 31 and runs until February 2021, features the following eight startups:

• Propine: A Singapore-based startup that provides compliant end-to-end tokenisation and custody solutions;
• Notabene: A Y-Combinator-backed firm that enables financial companies to be compliant with the Financial Action Task Force’s “Travel Rule” for any crypto transactions;
• Rupiah Token: Indonesia’s most widely-adopted Indonesian rupiah-backed stablecoin, which seeks to drive a more inclusive and open financial system within the country;
• MugglePay: A China-based startup that looks to enable more cost-efficient cross-border transactions by providing a software development kit (SDK) to merchants that accept crypto payments at a fraction of existing fees;
• Moonlight: A U.S.-based, decentralised, self-sovereign identity solution;
• CommX: A Singapore- and Australia-based startup that tokenises art into tradable digital assets;
• Moonlet: A Romania-based digital asset wallet that enables users to securely store their crypto assets, spend their tokens, and manage their returns from staking;
• Lumiere: A Singapore- and Hong Kong-based film tokenisation platform that strives to boost liquidity and accessibility, and mitigate risk in the film investment space;

Open Finance refers to data-sharing principles within the world of banking that enable third-party providers to access customers' data across a broader range of financial sectors and products, including savings and investments. OpFi has gained increased attention as a result of the global COVID-19 pandemic, as the financial industry seeks ways to make banking and investment easier, faster, and contactless. Blockchain for FinTech offers the potential to expedite the OpFi movement.

Han Wen Chua, Senior Vice President of Ecosystem Development at Zilliqa, said: “The need for digital finance has accelerated with the ongoing pandemic, coupled with ASEAN’s large underbanked population, the time is now for FinTech to take on a greater role in adopting a more open financial ecosystem. With the success of our first cohort of ZILHive startups, we are pleased to announce our next batch of promising projects as we propel the use of blockchain in OpFi.”

Seeking to promote wider blockchain for FinTech adoption in Southeast Asia, Zilliqa also announced that it's launching the ZILHive Open Finance consortium. The consortium will consist of Zilliqa's research arm, as well as FinTech companies Xfers, Elliptic, Switcheo Network, XanPool, and Magic, and the eight startups participating in the accelerator.