Cipher-Core, Inc. Signs Agreement

Rhea-AI Summary

CIPHER-CORE, Inc. (OTC PINK:CFCI) has signed a business agreement with Prabhu Bank Ltd., a prominent financial institution in Nepal, allowing CC to offer its Overseas Remittance Service in Japan using its CIPHER REMIT software.

This service aims to streamline money transfers for the approximately 100,000 Nepalese workers in Japan, who send an average of ¥100,000 (approximately US$770) monthly to Nepal. CC's CEO, Mr. Takstoshi Nakamura, expressed ambitions for the Central Bank of Nepal to adopt their CIPHER CASH PLATFORM for its Central Bank Digital Currency (CBDC) initiatives.

Mr. Nakamura's recent presentation to the Central Bank highlighted the need for improved digital cash solutions that mitigate existing ledger system limitations, emphasizing security against quantum computer threats.

Positive

• Established partnership with Prabhu Bank for remittance services, enhancing market presence in Nepal.
• CIPHER REMIT offers a cost-effective, user-friendly solution for money transfers.
• Potential for CIPHER CASH PLATFORM to be integrated into Nepal's CBDC project, indicating long-term growth.

Negative

• None.

AUSTIN, TX / ACCESSWIRE / April 11, 2023 / A Business Agreement was mutually signed by CIPHER CORE, Co., Ltd. a Japanese Corporation ("CC"), 100% a subsidiary of CIPHER-CORE, Inc. US publicly held company (OTC PINK:CFCI) and Prabhu Bank Ltd.(PBL) a Nepalese leading banking and financial service group located in Nepal which has a Class A Financial Institution license and regulated by the Central Bank of Nepal.

Whereas CC will provide its Overseas Remittance Service in Japan using CC's software, "CIPHER REMIT" previously called "COMPASS" providing convenience, safety, quickness and drastically less expensive, enabling the customers to transfer their money through Smart-Phone without visiting the bank, wallet to wallet.

Whereby Prabhu Bank Ltd. (Merged with Century Commercial Bank) will be designated as a receiving company or an intermediary delivery company to deliver the Transfer Amount to the beneficiaries in the Territory. It is said that as of today 100,000 Nepalese are working in Japan who are monthly transferring their earned money of \100,000 in average (about US$ 770 equivalent) to Nepal.

Mr. Takstoshi Nakamura CEO/President of CIPHER-CORE, Inc. said that CC's ultimate goal is to have Central Bank of Nepal evaluate the value of CC'S software called "CIPHER CASH PLATFORM" for its Central Bank Digital Currency program.

Invited to Katmandu, Nepal, Mr. T. Nakamura lectured to major officers and executives of Central Bank on software of "CIPHER CASH PLATFORM" how it works more appropriately to their CBDC project saying that the ledger systems currently used for the above two online settlement methods is not only time consuming but already reaching its limits to perform accurately the current batch & offset processing without error.

We will provide correct and effective solutions to use "digital cash" without using the ledger system in various financial fields using "complete cipher" that protects even Quantum computer attacks.

Mr. Nakamura's lecture was highly accepted and was invited to join the Work Shop.

Investor Relations:
Claire Singleton
Tel: 801-580-9928
Email: clairesingleton@aol.com
URL: http://www.cipher-core.com/en

SOURCE: CIPHER-CORE, Inc.

View source version on accesswire.com:
https://www.accesswire.com/748898/Cipher-Core-Inc-Signs-Agreement

FAQ

What is the recent agreement signed by CIPHER-CORE, Inc. regarding remittance services?

CIPHER-CORE signed an agreement with Prabhu Bank Ltd. to provide Overseas Remittance Services in Japan using CIPHER REMIT software.

How many Nepalese workers are expected to use CIPHER's remittance service?

Around 100,000 Nepalese workers in Japan are expected to utilize the remittance service.

What is the average amount transferred monthly by Nepalese workers in Japan?

Nepalese workers in Japan transfer an average of ¥100,000, equivalent to approximately US$770, monthly.

What is the goal of CIPHER-CORE regarding the Central Bank of Nepal?

CIPHER-CORE aims for the Central Bank of Nepal to evaluate its CIPHER CASH PLATFORM for potential use in their Central Bank Digital Currency program.

What security features does the CIPHER CASH PLATFORM offer?

The CIPHER CASH PLATFORM includes a 'complete cipher' that protects against quantum computer attacks.