The new service will allow Bangladeshi migrants in Malaysia to send wage remittance via Valyou to any beneficiaries in Bangladesh who are bKash wallet users
Standard Chartered Bank, in partnership with bKash and Valyou, has announced the launch of the first blockchain-based cross-border remittance service in Bangladesh, facilitating instant transfers from Malaysia.
The service is powered by innovative blockchain technology from Ant Group Co. Ltd.
Standard Chartered Bank announced the launch through a press release on Wednesday.
Remittances from Bangladeshi nationals working abroad play a key part in the country’s economy, and a significant chunk of that remittance comes from Malaysia.
The new service will allow a Bangladeshi migrant in Malaysia to send wage remittance via Valyou to a beneficiary in Bangladesh who is a bKash wallet user.
Standard Chartered Bank is the fund settlement bank and regulatory approval holder for the service.
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. With our partners bKash, Valyou and Ant Group, we are delighted to be able to introduce a new-generation technological solution that will make the remittance experience simple and faster. The service will be available round the clock, and remitters will be able to use it from the convenience of their mobile phones. 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 facilitate seamless remittance transfer, allowing Bangladeshi expatriates to send money from their digital wallets in Malaysia to a bKash account in Bangladesh through Standard Chartered Bank. After receiving the money, the recipients can easily cash out from any of the 240,000 bKash agent points across the country. This technological integration will bring great convenience to both the recipients and the senders and 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, and Bangladeshis in Malaysia can use the Valyou mobile wallet to send money directly into the bKash wallet. Valyou has always been at 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.”
The service is in the final stages of commercial testing and will be available to customers in Bangladesh and Malaysia soon.