Blockchain payments enterprise Ripple has announced a new partnership with Mobile Money, which paves the way for remittance through Bangladesh’s largest provider of mobile financial services (MFS).
According to a press release published January 13, Ripple has partnered with the Malaysian mobile wallet company Mobile Money. The release claims Mobile Money is using the RippleNet global payments network to connect to bKash, Bangladesh’s largest provider of MFS serving more than 45 million users.
The partnership will allow for seamless wallet-to-wallet payments, creating a corridor between Malaysia and Bangladesh. Both bKash and Mobile Money will gain access to the full suite of RippleNet features, with local banking partner Mutual Trust Bank (MTB) providing remittance settlement under the purview of Bangladesh Bank.
Kamal Quadir, CEO of bKash, said of the partnership,
We are constantly exploring innovative ways to give simple solutions to our customers. 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.
Mobile Money founder Lee Eng Sia said the ongoing pandemic has created a need for strong remittance solutions, leading the company to partner with Ripple to provide digital solutions for Bangladeshi workers.
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