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 for conducting money transfers. MTB CEO Syed Mahbubur Rahman said that last year, the volume of remittances in Bangladesh reached a record high of $18.2 billion. Moreover, most of the funds come from Malaysia, as well as from the Middle East and the United States.
bKash CEO Kamal Quadir said the partnership with Ripple will boost Bangladesh’s economy by facilitating the flow of foreign funds through legal channels. According to Cuadir, bKash has a user base of more than 45 million people, and bKash accounts for a third of the country’s money transfers.
The head of bKash said that he is not afraid of Ripple’s legal problems related to the SEC lawsuit. However, many companies refused to cooperate with Ripple for this reason. Last month, money transfer service MoneyGram reported that it does not use Ripple’s payment solutions to make payments, although it began testing the Ripple ODL platform in 2019.
It is worth noting that the RippleNet network is in demand among Asian firms. Earlier, it was joined by the Vietnamese bank TPBank to speed up the implementation of international transactions. In addition, Thai companies DeeMoney and Azimo became RippleNet participants last year