The talks of the Industrial Revolution are no more in pen and paper. Bangladesh is about to attain its first-ever Blockchain Remittance service. The announcement of this blockchain-based cross-border service came courtesy of Standard Chartered Bank, in partnership with bKash. Moreover, Malaysian company Valyou has also partnered with the aforementioned company to provide payment support, with Ant Group providing the blockchain assistance.
Blockchain Remittance Service
This initiative will allow many expatriates of Bangladesh who live in Malaysia can transfer their money conveniently. Through Valyou individual beneficiaries can send their wage remittance to their family residing in Bangladesh. The beneficiaries need to contain the bKash mobile wallet.
According to Naser Ezaz Bijoy, CEO of SCB, the newly launched service will be an important driving factor for the Bangladeshi economy. Remittance plays an integral role in driving economies forward. With the integrated 24/7 service provided by SCB, bKash, Valyou, and Ant Group, the sky is the limit. Remitters can enjoy the utmost convenience in sending money to their home country.
Kamal Quadir, CEO of bKash Ltd firmly believes that the seamless remittance payment system will bring about a revolution. Malaysia is one of the most remarkable remittance earning hubs for Bangladeshi expatriates. With the collaboration for these four companies, expats can easily send money to their close ones, within a few clicks.
Standard Chartered Bank, which functions as the fund settlement and regulatory approval holder for the service, will act as the main intermediary. As the money reaches individual bKash wallets, it’s just a matter of cashing out from over 240,000 local agents.
Prasanna Rao, CEO of Valyou Sdn Bhd said,
“We continue to offer ease and convenience to our customers especially during these challenging times and Bangladeshis in Malaysia can use the Valyou Mobile Wallet to send money directly into the bKash wallet. Today customers can cash-in using online banking, ATMs and by a network of over 1,300 merchants offering cash-in cash-out Service. Valyou has always been in the forefront of adopting new technology aimed to enhance customer efficiency. We believe that this blockchain technology integration will save cost and time without compromising safety and security of the remittance transaction sent from Valyou to bKash.”
With the latest initiative by the Bangladeshi and Malaysian counterparts, Bangladesh is certainly on the verge of yet another digital revolution.