Ripple, a blockchain payment solutions provider, has teamed up with Malaysian mobile wallet firm Mobile Money to establish a remittance corridor between Malaysia and Bangladesh.
Through the RippleNet global payments network, Mobile Money has connected to bKash, Bangladesh’s largest provider of mobile financial services which serves over 45 million users.
Mobile Money and bKash will gain access to a wide range of RippleNet’s features, including wallet-to-wallet transactions. Mutual Trust Bank (MTB) will work as the local banking partner in Bangladesh to perform the remittance settlement under the purview of Bangladesh Bank and ensure a seamless payout experience.
Bangladesh has the third largest remittance flows in South Asia, and the eleventh largest worldwide, with Malaysia ranking as one of the top five sources of remittances for Bangladesh.
Through the partnership, Mobile Money is also anticipating an increase in its user base of Bangladeshi workers by 20%.