Malaysian mobile wallet firm inks deal with Ripple to power wallet-to-wallet remittances

Malaysian mobile wallet firm inks deal with Ripple to power wallet-to-wallet remittances
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SINGAPORE (Jan 15): Malaysian mobile wallet company Mobile Money announced on Jan 14 that it had inked a partnership with Ripple, an enterprise blockchain solution. Through RippleNet, the latter’s global payment network, it will connect with Bangladesh-based mobile financial services provider bKash to facilitate wallet-to-wallet remittance between the two countries. 

“More than ever, the [Covid-19] pandemic has demonstrated that there is a strong need for remittance solutions that enable people to transfer money anytime and anywhere. Our partnership with Ripple makes us one of the first few ewallet companies to offer such digital remittance solutions to Bangladeshi workers,” says Mobile Money founder Lee Eng Sia. Mobile Money expects a 20% increase in its user base of Bangladeshi workers following the deal. 

Under this new deal, bKash and MobileMoney will be granted access to a wide range of RippleNet’s features — including wallet-to-wallet transactions. Mutual Trust Bank (MTB) has been named the local banking partner in Bangladesh to perform remittance settlement processes under the purview of Bangladesh Bank, the country’s central bank. 

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