The Malaysian payment system Mobile Money and the Bangladeshi service bKash will use the RippleNet payment network to make settlements and payments between the two countries.
The commercial bank Mutual Trust Bank (MTB) will act as a partner in conducting money transfers. MTB CEO Syed Mahbubur Rahman said remittances in Bangladesh hit a record $ 18.2 billion last year, with most of the funds coming from Malaysia, the Middle East and the United States.
BKash CEO Kamal Quadir said the partnership with Ripple will develop Bangladesh’s economy by facilitating the flow of foreign funds through legal channels. BKash has a user base of over 45 million people, Quadir said, and bKash accounts for a third of the country’s remittances.
The bKash chief said he was not intimidated by Ripple’s legal problems related to the SEC lawsuit. However, many companies have refused to partner with Ripple for this very reason. Last month, money transfer service MoneyGram said it did not use Ripple’s payment solutions to make payments, although it began testing the Ripple ODL platform in 2019.
It’s worth noting that the RippleNet network is in demand among Asian firms. It was previously joined by the Vietnamese bank TPBank to speed up international transactions. In addition, Thai companies DeeMoney and Azimo joined RippleNet last year.
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