Standard Chartered Bank (SCB) launched the first blockchain cross-border remittance service in Bangladesh to facilitate instant money transfer from Malaysia.
09 September, 2020 | AtoZ Markets – Standard Chartered is a UK multinational banking and financial services company. It operates in the world's most dynamic financial markets, including Asia, Africa, and the Middle East. Its headquarter is in London, England, with more than 1,200 branches in over 70 countries and approximately 87,000 employees. Moreover, it is listed on the London Stock Exchange and the Hong Kong Stock Exchange.
SCB, bKash, and Valyou Launches Blockchain Remittance Service in Bangladesh
Standard Chartered Bank in collaboration with bKash of Bangladesh and Valyou of Malaysia, has announced the launch of its first blockchain-based cross-border money transfer service in Bangladesh. Valyou is Malaysia's leading digital money transfer provider, and bKash is Bangladesh's largest mobile financial services provider.
The service utilizes blockchain technology from Ant Group Co. Ltd. The Group is the financial unit of Alibaba Group, a Chinese firm. Blockchain technology helps streamline the transfer process, radically improve delivery speed, improve information security, and increase process transparency.
Through this service, Bangladeshi migrants in Malaysia can send wages via Valyou to any users of the bKash wallet in Bangladesh. The remittance service is in the final stages of commercial testing. It will be available for Bangladesh and Malaysia customers soon.
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. We hope this new service will benefit the end-users and contribute to the growing utilization of formal remittance channels."
Kamal Quadir, CEO of bKash Ltd, said, "Malaysia is one of the major remittance earner hubs for Bangladesh. This partnership will give seamless remittance sending experience to the Bangladeshi expatriates. This technological integration will bring great convenience to both the recipients and the senders. It will contribute further to our foreign remittance earnings."
Prasanna Rao, CEO of Valyou Sdn Bhd, said, "We continue to offer ease and convenience to our customers, especially during these challenging times. Today customers can also cash-In using Online Banking, ATMs, and by a network of over 1300 merchants offering Cash In Cash Out Service.
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