Despite the looming SEC legal action against Ripple, the San Francisco-based blockchain startup shows no signs of slowing down its cross-border remittance offerings.
Ripple recently announced a tie-up with Mobile Money, a Malaysian mobile wallet firm, in a move that would facilitate real-time wallet-to-wallet remittances between Malaysia and Bangladesh.
Mobile Money will tap into the RippleNet global payments network to connect with bKash, Ripple’s longtime partner based in Bangladesh that boasts over 45 million customers.
By powering remittances between the largest mobile financial services provider in Bangladesh and Malaysia’s top e-wallet company, RippleNet will ensure a seamless payout experience for users in both countries.
Under the new partnership, bKash and Mobile Money will leverage a wide range of RippleNet’s features to facilitate wallet-to-wallet payments to serve the remittance corridor between Bangladesh and Malaysia.
According to Kamal Quadir, CEO of bKash, the collaboration will benefit the national economy by encouraging inward foreign remittance flow. He added:
“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.”
RippleNet Offers Cost-Effective e-Payment Solutions
The RippleNet network can solve most payment service providers’ problems, particularly overly costly and slow remittances.
bKash, which joined forces with Ripple in Nov 2019, has single handedly transformed Bangladesh into a digital-based economy by leveraging the blockchain for instant, transparent, and low-cost global payments.
The nation is now a lucrative market with the third-largest remittance flows in South Asia. Malaysia ranks as one of the top five sources of remittances for Bangladesh.
Mobile Money plans to use the RippleNet network to serve its clients better and grow its user base of Bangladeshi workers by 20%. According to Lee Eng Sia, Founder of Mobile Money, the urgency for cost-effective and convenient remittance solutions that enable people to transfer money across borders has been intensified by the Covid-19 pandemic.
Lee applauded the partnership with RippleNet, which makes Mobile Money one of the pioneering e-wallet enterprises to offer digital remittance services to Bangladeshi workers.
Ripple CEO Claims Most Customers are Not US-based
The recent SEC decision to pursue a lawsuit against Ripple threatens the blockchain company’s future and that of its affiliated XRP cryptocurrency.
However, Ripple CEO Brad Garlinghouse, who remains adamant that his company did nothing wrong, says that proceedings in the US may not damage his company’s overall remittance operations extensively.
His claims are evidenced by the growing number of Ripple partnerships, including the latest one to serve the South Asia remittance corridor. Garlinghouse explained that over 90% of RippleNet customers are not from the US, and many countries use the remittance service to solve their cross-border payment problems.
