Blockchain Firm Ripple Announces New Partnership With Mobile Money
Blockchain firm Ripple has announced a partnership with Malaysian mobile wallet company Mobile Money to power seamless wallet-to-wallet payments to serve the remittance corridor between Malaysia and Bangladesh.
With access to RippleNet’s range of features, Mobile Money will connect to bKash, the largest provider of mobile financial services in Bangladesh, allowing bKash’s 45 million users to make wallet-to-wallet remittance payments. 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.
“Our focus has always been on providing simple, cost-effective and convenient e-payment solutions to our customers,” said Lee Eng Sia, Founder of Mobile Money. “More than ever, the 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 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.”
Through this partnership, Mobile Money is also anticipating an increase in its user base of Bangladeshi workers by 20% as it enables them to better serve their user base.
“We are constantly exploring innovative ways to give simple solutions to our customers,” said Kamal Quadir, CEO of bKash. “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. This partnership will bring great convenience to both the recipients and senders, and contribute further to our national economy by encouraging inward foreign remittance flow through legal channels.”
Navin Gupta, Ripple’s Managing Director of South Asia and MENA, said Ripple is keen to bring greater connectivity and convenience for the Bangladeshi population, and provide them with a more streamlined, frictionless cross-border payment experience.
“As Ripple is bolstering our presence in South Asia, we are excited to contribute to the infrastructure of the region to transform the way cross-border payments are executed,” Gupta said.