Malaysian mobile wallet company Mobile Money announced on Jan 14 that it had inked a partnership with Ripple, an enterprise blockchain solution. Through RippleNet, the latter’s global payment network, it will connect with Bangladesh-based mobile financial services provider bKash to facilitate wallet-to-wallet remittance between the two countries. 

“More than ever, the [Covid-19] pandemic has demonstrated that there is a strong need for remittance solutions that enable people to transfer money anytime and anywhere. Our partnership with Ripple makes us one of the first few ewallet companies to offer such digital remittance solutions to Bangladeshi workers, ” says Mobile Money founder Lee Eng Sia. Mobile Money expects a 20% increase in its user base of Bangladeshi workers following the deal. 

Under this new deal, bKash and MobileMoney will be granted access to a wide range of RippleNet’s features - including wallet-to-wallet transactions. Mutual Trust Bank (MTB) has been named the local banking partner in Bangladesh to perform remittance settlement processes under the purview of Bangladesh Bank, the country’s central bank. 

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook