The bank teamed up with other blockchain companies in Bangladesh and Malaysia to deliver the project
Standard Chartered, in partnership with Bangladesh’s bKash and Malaysia’s Valyou, announced today the launch of Bangladesh’s first blockchain-based cross-border remittance service.
Currently in the final stages of commercial trials, the service is expected to be rolled out soon to customers in both Bangladesh and Malaysia.
The platform will enable instant transfers for expatriates based in Malaysia and is powered by Ant Group’s blockchain technology.
According to a press release from the bank, Bangladeshi expatriates in Malaysia will be able to send salary transfers via Valyou to recipients in Bangladesh who use bKash wallets.
Standard Chartered will act as the settlement bank for the service and will hold the necessary regulatory licence.
Naser Ezaz Bijoy, CEO of Standard Chartered Bank in Bangladesh, emphasized the importance of remittances to the national economy. Available on mobile devices 24/7, the service aims to make sending money home simpler, faster and more convenient.
“We expect this new service to benefit end users and to encourage greater use of formal channels for remittances,” Bijoy said.
Meanwhile, Kamal Quadir, CEO of bKash Ltd, noted that Malaysia is one of Bangladesh’s largest remittance corridors, highlighting the strategic value of the service between the two countries.
Recipients of remittances will now be able to withdraw funds at around 240,000 agent points across Bangladesh and will also have access to a wide range of other bKash services.
“This partnership will give Bangladeshi expatriates a seamless remittance experience, allowing them to send money from their digital wallets in Malaysia to a bKash account in Bangladesh through Standard Chartered Bank,” Quadir said.
Prasanna Rao, CEO of Valyou Sdn Bhd, added that customers in Malaysia benefit from a broad suite of payout and cash-out services supported by a growing network of 1,300 merchants offering these capabilities.
“Valyou has consistently embraced new technologies that improve efficiency for customers. We believe this blockchain integration will save time and money while maintaining the security of transfers sent from Valyou to bKash,” Rao said.
A few weeks ago, Standard Chartered completed the country’s first blockchain trade on August 16. The transaction, conducted between garment exporter Viyellatex and Viyellatex Spinning on the Contour blockchain network, was completed paperlessly from start to finish.
Translated by Carolane de Palmas