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News

Bangladesh, Malaysia mobile wallets to use RippleNet for payments

Tuesday 19 January 2021 12:31 CET | News

Real-time gross settlement system Ripple has announced that Malaysia’s Mobile Money and Bangladesh’s bKash mobile wallet are connected via RippleNet for payments. 
According to company officials, bKash has partnered with Ripple in collaboration with Mutual Trust Bank of Bangladesh to deliver a cost effective remittance sending experience to more than 10 million non-resident Bangladeshis all over the world. 

More than 220,000 Bangladeshi workers remit money home from Malaysia, according to 2017 statistics. World Bank figures show that the current cost of sending money from Malaysia to Bangladesh ranges from 1.6% (Western Union) to a whopping 14.82%, with an average of 3.97%, according to ledgerinsights.com. 

In 2020, bKash signed another blockchain deal for the Bangladesh – Malaysia payment corridor. In that case, it was to send remittances from Malaysian fintech Valyou, using Standard Chartered Bank and powered by technology from Ant Group, the owner of AliPay. bKash is backed by the World Bank’s International Finance Corporation, the Bill and Melinda Gates Foundation and Ant Group, amongst others.


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Keywords: Ripple, RippleNet, bKash, mobile money, partnership, mobile payments, Malaysia, Bangladesh, Asia, APAC, remittance, Mutual Trust Bank of Bangladesh
Categories: Payments & Commerce
Companies:
Countries: Bangladesh, Malaysia
This article is part of category

Payments & Commerce

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