Standard Chartered Bank, in partnership with bKash, the largest mobile financial service
provider in Bangladesh, and Valyou, Malaysia’s leading digital remittance provider, today
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. (“Ant Group”).
Wage earner remittance by Bangladeshi nationals working abroad is one of the key pillars to the Bangladesh economy and a major contributor to the nation’s foreign currency reserve. Malaysia is an important part of this remittance ecosystem. Through this service, the Bangladeshi diaspora in Malaysia can 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, which is a collaboration among Standard Chartered, Ant Group, bKash and Valyou to cater to the Bangladeshi diaspora based in Malaysia. Ant Group’s applied blockchain technology helps streamline the remittance process, radically improving the speed of delivery, improving information security and enhancing transparency of the process . The service is in the final stages of commercial testing and will be available to customers in Bangladesh and Malaysia 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. 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, by presenting the service available 24x7, including from the convenience of the remitters mobile phone . We hope this new service will benefit the end-users and contribute to the growing utilization of formal remittance channels."