MoRTH Lays Out Policy for Secure Data Sharing from National Transport Repository

The Ministry of Road Transport and Highways (MoRTH) has established a policy to safely and securely share data from the National Transport Repository (NTR) with state governments and the private sector. The policy aims to ensure uniformity and legal compliance in data sharing, and outlines procedures and safeguards to protect personal data. The NTR currently holds records of over 390 million vehicles and 220 million driver licenses, and allows data sharing through various modes such as API-based sharing, login-based access, and mobile application-based access.

Sofi Technologies (NASDAQ: Sofi) has announced a significant advancement in its international money transfer service, integrating the Bitcoin Lightning Network to facilitate faster and cheaper cross-border payments. The service, which will initially be available in Mexico, leverages the Lightning Network to convert US dollars to Bitcoin in real-time, then exchange it to the recipient's local currency. This innovative approach aims to reduce costs, accelerate delivery, and provide a transparent experience with upfront pricing and fees [1].

The service will be operated through the LightSpark Universal Money technology (UMA), which utilizes Bitcoin's infrastructure to enable immediate, low-cost transfers directly from the Sofi application. The integration of this technology marks a significant milestone for Sofi, positioning it as one of the first American banks to offer global conversion with Blockchain [1].

Anthony Noto, CEO of Sofi, expressed the importance of this move, highlighting the need for efficient and inexpensive international transfers for many of their users. “For many members of Sofi who regularly send money to their loved ones internationally, the ability to transfer money quickly and at a low cost is not just a convenience, but a significant improvement to their daily financial lives,” said Noto [1].

David Marcus, CEO of Lightspark, underscored the benefits of open networks like Bitcoin in providing infrastructure for fast, secure, and affordable global money transfers. The partnership between Sofi and Lightspark is part of a gradual rollout, starting with Mexico and expanding to other markets [1].

Despite the recent regulatory challenges, Sofi has restarted its encryption services after a two-year hiatus. The company has been working on crypto products since 2023 but faced uncertainty in the United States, leading to the suspension of its plans. However, with the new friendly regulations in place, Sofi is now launching more encryption services, including the new international money transfer service [1].

This development is significant for investors and financial professionals, as it demonstrates Sofi's commitment to leveraging innovative technologies to improve its services and remain competitive in the financial sector.

References:
[1] https://investorempires.com/sofi-technologies-adopts-bitcoin-lightning-network-for-cross-border-payments/