RippleNet is now used for money transfers between Malaysia and Bangladesh. San Francisco blockchain giant Ripple has announced a new partnership with Malaysian e-wallet company Mobile Money.
The connection will allow real-time wallet-to-wallet transfers between Malaysia and Bangladesh.
The RippleNet network connects Mobile Money ‘with its long-time partner bKash, serving more than 45 million customers.
Mobile Money founder Lee Eng Sia claims the company expects to expand its user base 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.”
Fast money transfer from 10 million Bangladeshi
BKash, which transformed Bangladesh from a cash-based economy to 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, despite successfully pushing the country into digital transformation, bKash still faced the problem of overly costly and slow remittances, so they turned to Ripple:
“One of the greatest values of leveraging blockchain technology is that it allows companies to meet customer demand for instant, transparent and cost-effective global payments.”
Remittances sent from Malaysia to Bangladesh will be met with the help of Mutual Trust Bank Limited, a local private banking institution.
Quadir says more than 10 million Bangladeshi can transfer money without interruption:
“BKash is delighted to partner with Ripple in partnership with the Mutual Trust Bank of Bangladesh to deliver a cost-effective, fast, transparent and reliable remittance experience to more than 10 million non-resident Bangladeshis worldwide.”