Advanced Project will join IFWG regulatory sandbox.
Advanced Project’s digital asset AUC will join the South African government’s regulatory sandbox, opening the door for one of South Africa’s most innovative blockchain businesses to make its mark on digital asset regulation in the country.
The Advanced Project, a pioneer in financial technology, is making significant strides in the internationally acclaimed IFWG (Intergovernmental Fintech Working Group) regulatory sandbox. The project aims to provide cross-border easy payment and remittance services for unbanked populations in Africa and Southeast Asia, harnessing the power of the AUC token.
The IFWG regulatory sandbox serves as a vital platform for experimenting with new technologies and business models within existing regulatory frameworks and for developing future regulatory frameworks. The participation of the Advanced Project highlights the sandbox’s role in fostering innovation and facilitating secure experimentation.
In 2021, more than 50 Fintech firms applied to IFWG to be included in the sandbox, with only six successful applicants, including Centbee and Mercury FX, a remittance platform using XRP(Ripple).
The Advanced Project is currently developing and rigorously testing a groundbreaking digital payment and remittance system based on the AUC token. This system is expected to offer a novel financial experience to populations traditionally underserved by conventional financial services in the region. The primary innovations include providing localized solutions in the international financial market, opening new opportunities for migrants, small business owners, and individuals facing difficulties accessing financial services.
Key benefits of the AUC token-based system by the Advanced Project include:
– Data Security: Ensuring the safety of user data and strengthening security measures to enhance the security of financial transactions.
– Fast Payment Processing: Leverage blockchain technology to process transactions faster than traditional financial systems and to provide faster access to financial services.
– Low Remittance Fees: Reducing high overseas remittance fees, enabling cost-effective and efficient financial transactions for users.
The Advanced Project closely collaborates with IFWG to contribute to the improvement of regulatory frameworks and to support financial innovation. The outcomes of this project are expected to enhance cooperation between financial technology companies and regulatory authorities, increase the stability and efficiency of financial services, and promote financial inclusion.
The representative of the Advanced Project, Ashiek Anandhaw stated, “Through the IFWG regulatory sandbox, we aim to develop and test innovative financial services in the fintech sector. We strive to expand accessibility to financial services and provide new opportunities to the financially underserved through the use of the AUC token. Our collaboration with IFWG seeks to push the boundaries of financial innovation and advance financial inclusion.”
These efforts by the Advanced Project are anticipated to have a positive impact on the fintech sector, fostering regional economic development, improving financial inclusion, and driving innovation in financial services.
From September to October 2023, Advanced Project team will test cross-border payments and remittances using AUC tokens and en-Cash, via TIER app within South Africa’s IFWG regulatory sandbox.