A recently announced financial platform provider in India has finished integration of Digital Cash in their apps in a short time. The financial platform provider has almost 100 existing integrations with Indian banks already. Crunchfish Digital Cash roll-out is expected to accelerate with this turnkey offline payment solution.

Crunchfish and a financial platform provider in India entered into a partnership in late November where Crunchfish has delivered Digital Cash SDK for integration into the provider’s financial platform to create a turnkey solution for offline payments. The initial focus has been on proximity payment and they have already successfully integrated Crunchfish Digital Cash in their apps. The next step in the integration project is to link their front-end apps to their own financial platform in the backend, instead of using the sandbox provided by Crunchfish.

This financial platform provider has almost 100 integrations with banks in India for various online payment use cases with the same Reserve, Pay and Settle methodology as promoted by Crunchfish. This integration adds offline payment as a use case. It will accelerate Digital Cash onboarding of banks or payment service as the financial platform is already integrated with many Core Banking Systems and this integration may be re-used by banks and payment services.

“We are very impressed by the fast integration done by this Indian financial platform provider. The next step is not more challenging as they will link their apps with Crunchfish Digital Cash inside to their own financial platform. This partnership provides access to many new banking prospects and will accelerate our Digital Cash roll-out in India”, says Joachim Samuelsson, Crunchfish CEO.

As previously stated, this financial platform integration is separate from the previously announced Digital Cash integration for offline payments with HDFC Bank in RBI regulatory sandbox in India where the pilot has recently started.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com

This information was provided by the contact person above for publication on 27 December 2022 at 08:30 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with subsidiary in India.

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Crunchfish together with HDFC Bank and one additional Indian bank are ready to start the pilot for Offline Retail Payments. The pilot will host real users and real money, supervised by the Reserve Bank of India.

Crunchfish in partnership with HDFC Bank and one additional Indian bank have been working together to develop a solution for Offline Retail Payments that will be demonstrated in a pilot to Reserve Bank of India (RBI) in their Regulatory Sandbox program*. The project, if successful, will provide the basis for RBI’s guidance and regulatory support in providing Offline Retail Payments, based on Crunchfish Digital Cash platform, to the payment ecosystem of India.

Development and quality assurance of the Offline Retail Payments have now been finalized. As part of the quality assurance a security audit, including penetration tests, is being conducted by an external security firm in India. First phase of the pilot will onboard users in a small-scale test during Christmas, followed by an extended rollout of the pilot in January. The pilot is scheduled to run for a period of four months, followed by a one-month evaluation by RBI.  

“We are eager to start this pilot with RBI and our two partnering banks. The pilot will host real consumers and merchants, using real money under the supervision by RBI. It will be a great chance for us to show the value of    Digital Cash in an Indian user environment. I’m also very pleased that the Digital Cash product has passed the extensive security review with only minor remarks. It proves the quality and trustworthiness of our product and adds to credibility in our discussions with other Central Banks, commercial banks and payments services around the world.", says Joachim Samuelsson, Crunchfish’s CEO.

Crunchfish and HDFC Bank have started discussions around licensing of Crunchfish Digital Cash. The commercial proposal under discussion with the bank will form an integral part of the licensing arrangement.

*The Regulatory Sandbox was established in 2020 by the Reserve Bank of India (RBI) to foster responsible innovation in financial services, promote efficiency and bring benefit to end users. The Regulatory Sandbox is a formal regulatory program for market participants to test new products and services with customers in a live environment, subject to certain safeguards and oversight. It allows the regulator, innovators, financial service providers and end users to conduct field tests to collect evidence on the benefits of new financial innovations, while carefully monitoring and containing their risks. To be approved access to the Regulatory Sandbox, the proposed financial service shall include new or emerging technology, or use of existing technology in an innovative way and should address a problem and bring benefits to consumers.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

Appendix

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Crunchfish is a technical pioneer in the world of offline payments and active in several markets globally. Crunchfish is seeking to develop thought leadership pieces focused on providing insights on offline payment system design and security from a practical implementation perspective. Crunchfish has engaged payment experts Lipis Advisors to research and write two white papers to explore the topic of offline payments.

Over the last five years, interest in offline payments by central banks and other payment system providers has skyrocketed. Offline use is now considered a core feature of a retail Central Bank Digital Currency (CBDC) and major central banks such as RBI, ECB and Bank of England are exploring offline payment functionality in their respective CBDC research projects and proof-of-concepts (PoCs). Additionally, offline functionality is increasingly viewed as essential for commercial real-time payment systems to maximize operational resilience. Despite increased interest in this area by central banks and payment system providers, there is a lack of awareness around the practical design and technology considerations around implementation.

The overall theme of this white paper series is “Enabling offline payments in an online world”. The first white paper will be published in January 2023 with a focus on “Design choices for offline payments”. In March 2023, the second white paper on “Offline payments security” will follow. The white papers will be co-branded public documents, with research carried out independently by Lipis Advisors and sponsorship of the research by Crunchfish. As reference, please find the white paper about Decoding CBDC – Entering the next phase of CBDC exploration

About Lipis Advisors
Lipis Advisors is a Berlin-based strategic consulting firm focused exclusively on the payments sector. Our expertise has expanded over the years, evolving from research driven comparative analysis of core payment systems to strategic advice for diverse stakeholders on topics ranging from cryptocurrencies, CBDCs, digital banking, real-time payments, fraud mitigation, payment design and implementation. We have provided consulting services to clients in 40+ countries around the world, including internationalorganizations, financial institutions, payment service providers, fintechs, payment schemes, payment system operators, technology vendors, industry associations, and regulators.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com

This information was provided by the contact person above for publication on 14 December 2022 at 15:30 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with subsidiary in India.

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The International Telecommunication Union (ITU) is organising the DC[3] Conference on 24-27 January 2023. Crunchfish will participate in the expert panellist on the topic – The importance of offline payments for CBDCs and financial inclusion. Crunchfish CEO Joachim Samuelsson will reflect on design for scalable and secure offline payment solutions for CBDCs.

The International Telecommunication Union (ITU) is organising the second edition of the DC3 Conference – 24 – 27 January 2023.  The DC3 Conference is being organised as part of the activities of the the Digital Currency Global Initiative which is a joint collaboration between the ITU and the Future of Digital Currency Initiative at Stanford University.

Crunchfish CEO Joachim Samuelsson will participate in the expert panellist on the topic – The Importance of offline payments for CBDCs and financial inclusion – 27 January 2023 at 11-12.30. The panelist will consider some potential solutions for offline transactions for CBDCs and discuss considerations on technical standards that may be needed.

View the conference programme via this link

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Offline payment is crucial for financial inclusion of all citizens, in commercial mobile payment services as well as Central Bank Digital Currencies. Latin America & the Caribbean is a financially innovative region and an early adopter of Central Bank Digital Currency. Crunchfish have entered a partnership with Money Square in Jamaica to address this booming region.

Mobile payments are critical to enable people to participate in the digital economy. Cash is still king in Latin America and the Caribbean (LAC), despite the demand for digital transactions brought by the COVID-19 pandemic. To impact the lives of most citizens — especially financially excluded and underserved people — requires inclusive, affordable and easy-to-use mobile payments services. Offline payment is crucial for successful deployments of both commercial mobile payment services and Central Bank Digital Currencies (CBDC), as internet availability is undeveloped in the LAC region.

The LAC region is an early adopter of Central Bank Digital Currency (CBDC). The Bahamas was the first country in the world to officially roll out CBDC with the Sand Dollar in October 2020. This was followed by DCash in the Eastern Caribbean Currency Union 2021 and Jamaica's JAM-DEX earlier this year. Crunchfish Digital Cash provides offline payment functionality to CBDC.

To address opportunities within commercial mobile payment services and CBDC in the LAC region, Crunchfish have entered a partnership with Money Square, a bill processing company based in Jamaica. Money Square will actively promote Crunchfish Digital Cash as an agent in the LAC region, with an initial focus on Jamaica and then address the rest of the Caribbean and select countries in Latin America.  

"I believe that Digital Cash is about to forever change the way we do transactions and business in this Digital Age. The Caribbean and Latin America stand to benefit from this revolutionary technology as many of our nationals live in rural areas where there are internet connectivity issues, and local banks tend to have frequent service interruptions and scheduled maintenances, which all affect reliable processing of payments. Thanks to Crunchfish Digital Cash these issues will be eliminated and the future of payments for the Caribbean and Latin America will be bright." says Maurice K.P. Sinclair, CEO Money Square

“Latin America and the Caribbean is a very interesting region for us. The first CBDC project in the world was launched here, the Sand Dollar in The Bahamas. This shows that the LAC region is innovative and a frontrunner when it comes to adopting new payment technologies. Mr. Maurice K.P. Sinclair, CEO at Money Square, is well-connected with central and commercial banks, as well as mobile payment service providers. His team at Money Square will open this booming market for Crunchfish.” says Patrik Lindeberg, CEO Crunchfish Digital Cash AB.

About Money Square
Money Square are a Jamaican FinTech company that contributes to the digital transformation of businesses and governments. Money Square focus on creating value for the Caribbean & Latin America by giving access to revolutionary technology that will forever change the way people do transactions and conduct business in the Digital Age.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com

This information was provided by the contact person above for publication on 9 December 2022 at 08:30 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Crunchfish presentation at Västra Hamnen Corporate Finance Investerardagen on the theme “Big deals are coming” is now available. Joachim Samuelsson, Group CEO of Crunchfish, answers the questions; Why do we depend on the net to pay? How can a computer understand gestures? And why invest in Crunchfish?

Crunchfish presentation – Big deals are coming – from Västra Hamnen Corporate Finance Investerardagen is now available via this link. Joachim Samuelsson, Group CEO of Crunchfish, answers the questions;

• Why do we depend on the net to pay?
• How can a computer understand gestures?
• Why invest in Crunchfish?

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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