San Francisco-based blockchain company Ripple has announced a new partnership with Malaysia’s e-wallet company Mobile Money. The cooperation will enable real-time wallet-to-wallet transfers between Malaysia and Bangladesh.
The RippleNet network has linked Mobile Money with its long-time partner bKash, serving more than 45 million customers. The partnership will power wallet-to-wallet seamless payments to serve the remittance corridor between Malaysia and Bangladesh. Mobile Money founder Lee Eng Sia expects the company’s user base to expand due to the partnership:
“Our partnership with Ripple makes us one of the first few e-wallet companies to offer such digital remittance solutions to Bangladeshi employees, and we are confident that this will enable us to stay one step ahead of the competition as we expand our user base.”
BKash, which transformed Bangladesh from a cash-based economy into a digital economy, joined forces with Ripple in November 2019. At that time, the RippleNet network reached a major milestone, surpassing 300 customers. According to CEO Kamal Quadir, although it successfully pushed the country into digital transformation, bKash still faced the problem of overly costly and slow money transfers, so they turned to Ripple.
Remittances sent from Malaysia to Bangladesh will be met with the help of Mutual Trust Bank Limited (MTB), a local private banking institution. MTB will work as a local banking partner in Bangladesh under the authority of Bangladesh Bank to process the remittance payment and provide a seamless payment experience. Quadir said more than 10 million Bangladeshi could transfer money without interruption:
“BKash is delighted to partner with Ripple and the Bangladesh Mutual Trust Bank to deliver a cost-effective, fast, transparent and reliable remittance experience to more than 10 million non-resident Bangladeshis worldwide.”
As is known, the future of Ripple and its affiliated XRP cryptocurrency suddenly came to the fore in late December after the company was sued by the US Securities and Exchange Commission. However, as CEO Brad Garlinghouse explains, 95 percent of Ripple’s customers are not from the US:
“More than 90 percent of RippleNet customers are outside of the United States. We’re solving the more painful cross-border payment problem for small countries.”