Ripple, the blockchain payment firm based in San Francisco has announced a new partnership with a Malaysian e-wallet company Mobile Money.
According to the report, the partnership will enable real-time wallet-to-wallet remittances between Malaysia and Bangladesh.
Mobile Money Leveraging RippleNet Partner Services
Through this partnership, RippleNet has connected Mobile Money with its longtime partner, bKash, which serves over 45 million customers.
According to the founder of Mobile Money, Lee Eng Sia, the company is now looking to expand its user base due to the gravity of the deal:
“Our partnership with Ripple makes us one of the first few e-wallet companies to offer such digital remittance solutions to Bangladeshi workers, and we’re confident that it will enable us to stay ahead of the competition, while expanding our user base.”
bKash has over the years striven to transform Bangladesh from a cash-based economy into a digital one. The company sealed a partnership with Ripple in November 2019. That was when the RippleNet network of customers attained a major milestone of over 300.
According to the CEO of bKash, Kamal Quadir, although the firm has singlehandedly aided the country into digital transformation, it’s still facing the problem of high cost and slow remittances, which was why Ripple’s solution was needed.
“One of the great values of leveraging blockchain technology is that it allows companies to meet customer demand for immediate, transparent, and low-cost global payments.”
Due to the recent partnership with Malaysia-based Mobile Money, remittances that are sent from Malaysia to Bangladesh will be settled with the help of Mutual Trust Bank Limited, a local banking institution.
According to Quadir, over 10 million Bangladeshis will now be able to initiate remittances seamlessly:
“bKash is happy to have partnered with Ripple in collaboration with Mutual Trust Bank of Bangladesh to deliver a cost-effective, fast, transparent, and reliable remittance sending experience to more than 10 million non-resident Bangladeshis all over the world.”
In conclusion, this development confirms the fact that most of Ripple’s customers are not from the United States. However, Ripple needs a positive outcome from the ongoing lawsuit filed by the U.S. SEC, in order to have the freedom to express itself seamlessly in the United States, the country with the largest economy.