Blockchain Remittance Service Launching in Bangladesh
According to a recent report, Bangladesh in on the verge of launching its first blockchain remittance service in collaboration with Valyou of Malaysia and the bKash of Bangladesh. The launch of this service will help to facilitate instant transfers to Bangladesh from Malaysia. Standard Chartered Bank will also have a role to play towards the official launch of the project. According to the announcement, the remittance service will be powered by innovative blockchain technology from Ant Group.
Through the service, Bangladeshi expatriates in Malaysia can transfer their wage remittance to a beneficiary in Bangladesh through the Valyou platform. However, the beneficiary must be a bKash wallet user, according to Standard Chartered Bank.
The bank is the regulatory approval holder and fund settlement bank for the service, which is carried out in partnership with Valyou, bKash, Ant Group and Standard Chartered.
Integration Facilitates Quick Remittances
Chief Executive Officer of the bank, Naser Ezar Bijoy, commented on the development by hailing the partnership and entire service process.
He said that remittance is a major driver of the Bangladesh economy, as it contributes important foreign currency exchange to the economy which solves the balance of payment problems.
Apart from its national economic benefits, it’s also a source of livelihoods for millions of families in the country, he continued.
Naser also said the collaboration with Ant Group, Valyou and bKash will bring a new –generation technology for quick and efficient financial remittance. The service will be available at all times as well as from the convenience of the user’s mobile phone, making it more efficient to transfer and receive funds.
“We hope this new service will benefit the end-users and contribute to the growing utilization of formal remittance channels,” he said.
On a similar note, Chief Executive Officer of bKash Kamal Quadir said Malaysia is one of the most significant remittance earner regions for Bangladesh.
The collaboration will offer countless remittance transfer experience to the Bangladeshi expatriates in Malaysians they can easily send funds through their digital wallets to bKash accounts in Bangladesh.
Once the recipients have received the transferred funds on their wallets, they can easily cash out from about 240, 000 agents across the country. Also, there are several other bKash services available for the recipients.
The integration of technology will provide great convenience to both the senders and the recipients and will further contribute to the country’s remittance earnings, Kamal said.
In the same vein, Valyou chief Executive Officer, Prasanna Rao said the company continues to provide convenience and ease to its customers, particularly during these trying times. With the integration, Bangladeshis living in Malaysia can send money directly into the bKash wallet through the Valyou Mobile wallet.
Integration Will Save Time & Money
There is a network of more than 1,300 merchants that offer cash-in-cash-out services in Bangladesh. Customers can also do their transactions using ATMs and online banking.
Prasanna reiterated that Valyou has always adopted the innovative approach to use new technologies in facilitating transactions. The new technology is aimed at enhancing customer efficiency, he stated.
He also explained that the new blockchain integration will save time and reduce transaction costs without compromising security and safety.
The service is presently in its final commercial testing stage and will soon be available in Malaysia and Bangladesh.