Tempo France suspends classical remittance services

In its announcement, Tempo France mentions its intentions to prioritise the development of additional payment business solutions, with their technological base being a merge of classical payment capabilities and blockchain. Also, the company plans to implement a broad spectrum of digital assets, as well as solutions that can cover all business aspects ranging from onboarding to Know Your Customer (KYC) and Anti-Money Laundering (AML). Tempo France’s development strategy includes the firm receiving a relevant EU licence to offer digital finance (DeFi) services. Considering this, remittances might take a non-primary space in the company’s product line, with them becoming just one of its financial applications.

Furthermore, according to Tempo’s officials, as the payment market has changed significantly in recent years, active implementation of blockchain technologies is set to provide several capabilities, including accelerated transactions, increased security, and decreased costs. In addition, the number of DeFi projects is on a constant growth journey together with stablecoins, Web3, and other initiatives. Tempo’s data shows that the number of projects merging digital and traditional finance is set to see substantial expansion in 2024, while DeFi transactions might demonstrate a 50% increase monthly. Representatives from Tempo France also underlined that the company intends to follow modern payment market trends, while also adjusting its business model for a future where new technological approaches continue to emerge and classical finance and DeFi instruments are parts of the whole.

To advance its development strategy, Tempo took several preparatory steps for a while, including partnering with payment market participants Armenotech and Advanced Payment Solutions. This allowed joint implementation of the Stellar blockchain in multiple countries in the EU, Africa, South America, and Asia. Officials mentioned that the company is currently undergoing a technological and business audit, as it focuses on expanding its DeFi activity. Moreover, Tempo secured payment processing experts and fintech solution designers to grow its technological systems. The new strategy intends to enable the implementation of a wide spectrum of products, including blockchain integration in payment processing to cross-border payments and PSP services on Stellar. Through this, Tempo France aims to attract investors who focus on high-performance DeFi markets, stablecoins, and the development of blockchain initiatives.