chocolate moneyOn February 12th, Cointelegraph reportedMajor global online payments firm Netpay International has partnered with Israeli firm BNC LedgerTech to integrate blockchain into its services, … Netpay International will reportedly become the fourth fintech firm to use BNC LedgerTech’s digital, blockchain-based banking solution “Ubanker”.” With its interest in blockchain uses in finance, this attracted the attention of Enterprise Times.

Digging deeper proved challenging. Even after several days all is not clear. Yet the confusion illustrates a downside to the blockchain arena: much is claimed and too little carries substantiation.

The blockchain banking players – Netpay International

Prima facie, the Cointelegraph article mentioned:

  • Netpay International
  • BNC LedgerTech and its “blockchain based banking solution Ubanker.”

Netpay International exists (this is its website)  with its headquarters in Hertzelia outside Tel Aviv. From this web site, Netpay International offers a variety of services including:

  • risk management
  • vouchers (a bond of the redeemable transaction type which is worth a certain monetary value)
  • wire transfer solution(s)
  • issue (sic) (of) prepaid credit (and debit) cards
  • credit card processing.

While there is no mention of any deal with BNC LedgerTech, nor any mention of Ubanker, this might be a matter of timing. The ‘announcement’ was less than a week earlier.

The blockchain banking players – BNC LedgerTech

Searching for more details about BNC LedgerTech produced the following:

  • no web site for BNC LedgerTech
  • a Linkedin page entitled “BNC Network (BNC LedgerTech Ltd)”, situated in Hetzelia (sic) Israel – with the proclamation “It’s Official! NetPay Int has partnered with BNC. We are excited to take the next step towards the new financial revolution.”
    little more than other self-circulating references to articles talking about the deal,
    with no greater depth about Ubanker.

The blockchain banking application: Ubanker

Cointelegraph stated “Netpay International will reportedly become the fourth fintech firm to use BNC LedgerTech’s digital, blockchain-based banking solution “Ubanker.”” This intimates that Ubanker is a banking application or suite of applications written to exploit blockchain. As such it should be attract significant attention from the financial community.

But searching for Ubanker produced:

  • no direct reference to details about any blockchain-based banking solution by that name
  • an in-development website ( with a S African telephone number which appears to be for some form of financial trading
  • an Android commodity trading app called uBanker (Google Play has a pointer back to the same S African web site)
  • a number of Google references asking questions along the lines of ‘is uBanker a scam’?, where the one – from a site called ‘ThatSucks’, authored in late 2018 – offers no definitive opinion but suggests connections to Vanuatu and Cyprus.

Of Ubanker as a blockchain-based banking application, there was no immediate trace (other than to the same circular NetPay International and BNC LedgerTech ‘announcement’).

Enterprise Times: what does this mean

It is difficult to be sure what to make of all the above, other than caveat emptor. The threads are diverse:

  • two Israeli companies, both based in Herzelia (which can have various spellings when moving from Hebrew to Roman script)
  • no sign of a blockchain-based banking solution
  • the existence of ‘businesses’ with similar (BNC Network / BNC LedgerTech Ltd) or the same (Ubanker/uBanker) names.

In one way the good news is there appears to be little to deprive anybody of their assets which goes under the name Ubanker or blockchain-based banking. Nevertheless, this does emphasise that care is necessary when dealing with blockchain assertions, however attractive.


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