First blockchain-based cross-border remittance service launched in Bangladesh
Standard Chartered Bank, in partnership with bKash and Valyou, Malaysia’s leading digital remittance provider, on Wednesday announced the launch of the first blockchain-based cross-border remittance service in Bangladesh, facilitating instant transfers from Malaysia.
With our partners bKash, Valyou and Ant Group, we are delighted to be able to introduce a new-generation technological solution that will make the remittance experience simple and faster, by presenting the service available 24×7, including from the convenience of the remitters mobile phone.Naser Ezaz Bijoy, CEO of Standard Chartered Bank, Bangladesh
The service is powered by innovative blockchain technology by Ant Group Company limited (Ant Group), said a press release.
Wage earner remittance by Bangladeshi nationals working abroad is one of the key pillars to the Bangladesh economy and a major contributor to the nation’s foreign currency reserve. Malaysia is an important part of this remittance ecosystem.
Through this service, the Bangladeshi diaspora in Malaysia can send wage remittance via Valyou to a beneficiary in Bangladesh who is a bKash wallet user.
After receiving money, the recipients can easily cash out from 240,000 nearby agent points across the country and also avail a wide range of other bKash services.Kamal Quadir, CEO of bKash Limited
Standard Chartered Bank is the fund settlement bank and regulatory approval holder for the service, which was co-created by Standard Chartered, Ant Group, bKash and Valyou to cater to the Bangladeshi diaspora based in Malaysia.
Naser Ezaz Bijoy, CEO of Standard Chartered Bank, Bangladesh said, “Remittance is an important driver of our economy, contributing vital foreign currency to the national exchequer while supporting the livelihoods of millions of families. With our partners bKash, Valyou and Ant Group, we are delighted to be able to introduce a new-generation technological solution that will make the remittance experience simple and faster, by presenting the service available 24×7, including from the convenience of the remitters mobile phone.”
Kamal Quadir, CEO of bKash Limited said, “This partnership will give seamless remittance sending experience to the Bangladeshi expatriates there who can now send money from their digital wallets in Malaysia to a bKash account in Bangladesh through Standard Chartered Bank. After receiving money, the recipients can easily cash out from 240,000 nearby agent points across the country and also avail a wide range of other bKash services.”