Harmony expands to India, Bolsters the growth of DeFi in the rapidly growing FinTech sector
Empowering emerging economies across the globe has always been the crux of what we do at Harmony Protocol, and with this new and exciting partnership with the IBC media, we hope to bring to India some revolutionary improvements to the FinTech sector.
We are delighted to announce our partnership with IBC Media, a leading innovation management company. The company runs technology-driven open innovation programs for technology firms, corporates, governments and investment firms.
The adoption of fintech in India has reportedly grown at a rate significantly higher (87%) as compared to the global average (64%). This can be credited to the multiple government initiatives and the keen interest that blockchain protocols are taking in the Indian Market looking for meaningful integrations with startups and enterprises solving real-world problems.
Harmony is looking to partner, invest in, incubate and offer grants to developers and fintech startups looking to solve problems in cross-border transactions (cross-fi), trade finance, commodities finance, gaming, virtual goods and many other industries. Entrepreneurs will be able to use Harmony’s open-source platform and tools, leveraging the native ONE token to power utility across a variety of use cases.
Harmony will also enable the creation of solutions in the field of cross-border finance through faster, transparent and secure products. In the first phase, Harmony will pick five partners/developers to work on the cross-fi and decentralized finance (de-fi) use cases. “We’re excited to enable next-gen fintech products & use cases in India that leverage a fast & secure blockchain,” said Sahil Dewan, Co-founder, Harmony. “Given that India’s consumer base is adept at using sophisticated intra-country payment options like the Unified Payments Interface (UPI) and several digital wallets, we see an opportunity to support the growth of this sector and are excited to collaborate with IBC Media to chart out this journey in India.”
Harmony Protocol has made significant strides in solving one of the biggest problems in the space — linear scalability. Due to this, Harmony is one of the top seven decentralized networks in the world alongside Bitcoin, Ethereum, Monero, and Ripple.
The entry of a protocol like Harmony only points towards the fact that India’s fintech sector is ready to incorporate emerging technologies like blockchain to scale up. “We are very happy that Harmony protocol is looking at India as a serious market and believe that they will be a big proponent in driving the growth of the fintech sector in India,” said Raghu Mohan, CEO, IBC Media. “At IBC Media, we resonate with Harmony’s vision to scale trust for billions of people and create a fair economy. We are excited to partner with them to create better opportunities and innovate in the Fintech space in India. While it is still early days for blockchain in the country’s fintech sector, such collaborative efforts will explore more widespread adoption going forward,” he added.
We’re excited to work with IBC Media to create an impact in India’s fintech sector. Stay tuned with us for more updates!