Bitspark Limited, the world’s first cashin cashout remittance service leveraging Bitcoin and Blockchain technology in partnership with Vitaxel Group, the holding company of the first MLM Company from South East Asia to promote exclusive travel, entertainment, lifestyle and health products through eCommerce and its own online shopping mall, today signed an MOU to pursue bringing Bitspark’s remittance platform to the Malaysian market.
Bitspark and Vitaxel Group seek to pursue the opportunities in financial services in Malaysia and other emerging SE Asian markets as the rise of mobile banking and smartphone usage presents new opportunities for reducing costs in cross border trade and opening to new customers and markets.
“We are delighted today to begin our cooperation with such a distinguished company as Vitaxel and who are a natural fit with their experience in the eCommerce and payments space already and are confident together we will be able to offer market leading services to both individuals and companies alike in Malaysia.” said Bitspark CEO George Harrap.
Malaysia is a core market for financial transactions with over $2 billion in remittance payments sent to Indonesia annually. “Our customers and contacts are located all around the world, whilst having our headquarters in Malaysia, we are currently serving close to 5,000 distributors in 16 Asian countries and all this happening within one and half year in operation. This distributors’ base is also expanding as we are developing into some major markets within the Asean community this year.
“We are committed to provide the most effective technology to deliver the best value to our current and future customers, we believe that our collaboration with Bitspark, a ‘gamechanger’ innovative fintech company, will move us closer to our corporate goals. Our customers and members of the public will very soon enjoy faster money transfer with greater cost savings.” said Ryan Leong, CEO of Vitaxel.
Bitspark and Vitaxel will be concluding further discussions in the coming weeks and are working on proposals to bring the benefits of Blockchain technologies to the remittance space in Malaysia.