SCB, bKash & Valyou launch Bangladesh’s first blockchain remittance service

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Standard Chartered Bank, together with bKash of Bangladesh and Valyou of Malaysia, 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.

Through this service, Bangladeshi expats in Malaysia can send wage remittance via Valyou to a beneficiary in Bangladesh who's a bKash wallet user, the lender said in a news release.

Standard Chartered Bank may be the fund settlement bank and regulatory approval holder for the service, which is a collaboration among Standard Chartered, Ant Group, bKash and Valyou. 

Naser Ezaz Bijoy, CEO of Standard Chartered Bank, Bangladesh said, "Remittance is an essential driver of our economy, contributing essential forex to the national exchequer while supporting the livelihoods of an incredible number of families. With our partners bKash, Valyou and Ant Group, we are delighted in order 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 cellular phone. We hope this new service will benefit the end-users and donate to the growing utilization of formal remittance channels."

Kamal Quadir, CEO of bKash Ltd said, "Malaysia is probably the major remittance earner hubs for Bangladesh. This partnership gives seamless remittance sending experience to the Bangladeshi expatriates there who can now send money from their digital wallets in Malaysia to a bKash account in Bangladesh through Standard Chartered Bank. After acquiring money, the recipients may easily cash out from 240,000 local agent points in the united states and also avail a variety of other bKash services. This technological integration provides great convenience to both recipients and the senders and can contribute further to our foreign remittance earnings."

Prasanna Rao, CEO of Valyou Sdn Bhd said, "We continue to offer ease and convenience to your customers especially of these challenging times and Bangladeshis in Malaysia can use the Valyou Mobile Wallet to send money straight into the bKash wallet. Today customers can cash-in using online banking, ATMs and by a network of over 1,300 merchants offering cash-in cash-out Service. Valyou is definitely in the forefront of adopting new technology aimed to improve customer efficiency. We believe that this blockchain technology integration helps you to save cost and time without compromising safety and security of the remittance transaction sent from Valyou to bKash."

The service is in the ultimate stages of commercial testing and you will be available to customers in Bangladesh and Malaysia soon.
Source: https://www.thedailystar.net

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