We are excited to announce today our partnership with Mobile Money, a Malaysian mobile wallet company. Via RippleNet, Ripple’s global payments network, Mobile Money has connected to bKash, Bangladesh’s largest mobile financial services provider (MFS), which serves over 45 million users. The partnership will enable seamless wallet to wallet payments to service the remittance corridor between Malaysia and Bangladesh.
bKash and MobileMoney gain access to a wide variety of RippleNet features, including wallet-to-wallet transactions. Mutual Trust Bank (MTB) will work as a local banking partner in Bangladesh to handle transfer processing within the jurisdiction of Bangladesh Bank and ensure a seamless withdrawal experience.
Bangladesh has the third largest remittance flows in South Asia and the eleventh largest in the world, with Malaysia among the top five sources of remittance for Bangladesh. Through this partnership, Mobile Money also expects a 20% increase in the user base of Bangladeshi workers as they can better serve their user base.
“We are constantly looking for innovative ways to offer our customers simple solutions. bKash is pleased to have partnered with Ripple in partnership with the Mutual Trust Bank of Bangladesh to provide an affordable, fast, transparent and reliable money transfer experience to more than 10 million non-resident Bangladeshis around the world. This partnership will bring great convenience to both recipients and senders and will further contribute to our economy by promoting the flow of remittances to the outside world through legal channels, ”said Kamal Quadir, CEO of bKash.
“Our focus has always been on offering our customers simple, inexpensive and convenient e-payment solutions. The pandemic has demonstrated more than ever that there is a strong need for remittance solutions that will allow people to transfer money anytime, anywhere. Our partnership with Ripple makes us one of the first e-wallet companies to offer such digital transfer solutions to Bangladeshi employees. We are confident that this will allow us to stay ahead of the competition while expanding our user base, ”said Lee Eng Sia, founder of Mobile Money.
Syed Mahbubur Rahman, Managing Director and CEO of Mutual Trust Bank added, “We look forward to partnering with bKash and Ripple to enable real-time wallet-to-wallet transfers from Malaysia to Bangladesh. Last year, remittances in Bangladesh hit an all-time high of $ 18.2 billion, with the majority of those remittances coming from Malaysia, Middle Eastern countries and the United States. “
“Ripple is committed to bringing greater connectivity and convenience to the Bangladeshi people and providing them with a leaner, smoother cross-border payment experience,” said Navin Gupta. Managing Director of South Asia and MENA. “As Ripple strengthens our presence in South Asia, we’re excited to be contributing to the region’s infrastructure to transform the way cross-border payments are executed.”
RippleNet leverages distributed ledger technology to deliver financial solutions – from bidirectional messaging, settlement, liquidity management, and credit lines – to a global network of partners.
If you, as a payment provider, are looking for the right solution to enable global payments in real time and want to learn more about RippleNet, please contact us.