FreeBnk partners E Money Network to issue blockchain-based IBANs
UK-based fintech FreeBnk has tapped E Money Network, a MiCA-compliant modular blockchain built for tokenising real-world assets, to issue international bank account numbers (IBANs).
FreeBnk partners E Money Network
FreeBnk, which offers a financial services app for crypto investors, will leverage the protocol to distribute IBANs on the blockchain and enable international money transfers for its user base, while also bolstering its cross-chain services, lending solutions and investment tools.
“This strategic collaboration enhances FreeBnk by integrating traditional banking cornerstones with DeFi features, fostering greater financial inclusion and accessibility in the growing digital asset space,” the company says in a statement.
Yunus Emre Ozkaya, CEO of FreeBnk, says the move marks a “significant stride in enhancing financial accessibility and cross-border transactions” and will enable users to “easily navigate between fiat and digital assets”.
FreeBnk’s move to implement blockchain-based IBANs coincides with a surge in the popularity of tokenisation among traditional financial institutions.
Notable developments include Mastercard’s declaration this month that it plans to phase out manual card entry by 2030, with its tokenisation service to play a core role in this endeavour.
The company also completed a test run of tokenised carbon credits in partnership with Mox Bank, Libeara and Standard Chartered Bank in Hong Kong last month.
