Ripple creates Malaysia-Bangladesh remittance corridor

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Ripple has signed a deal with Malaysia’s Mobile Money and Bangladesh’s bKash to power a wallet-to-wallet remittance corridor between the two countries.

Bangladesh has the third largest remittance flows in South Asia, with Malaysia ranking as one of the top five sources of remittances for the country.

The corridor will use RippleNet, Ripple’s DLT-based global payments network, to enable Mobile Money and bKash to offer wallet-to-wallet transactions. Mutual Trust Bank will work as the local banking partner in Bangladesh to perform the remittance settlement.

Kamal Quadir, CEO, bKash, says: “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, MD, South Asia and Mena, Ripple, adds: “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.”