ZCZC
BSS-21
STANCHART-REMITTANCE
SCB, bKash & Valyou launch Bangladesh’s first blockchain-based cross-border remittance service
DHAKA, Sept 9, 2020 (BSS) – Standard Chartered Bank, in partnership with bKash 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 by Ant Group Company limited (“Ant Group”), said a press release.
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 was co-created by 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, enhancing transparency of the process and drastically reducing costs while ensuring better security measures when sending money across borders. The service is in the final stage 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 24×7, 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.”
Mr Kamal Quadir, CEO of bKash Limited said: “Malaysia is one of the major remittance earner hubs for Bangladesh. This partnership will give 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 receiving money, the recipients can easily cash out from 240,000 nearby agent points across the country and also avail a wide range of other bKash services. This technological integration will bring great convenience to both the recipients and the senders and will contribute further to our foreign remittance earnings.”
BSS/PR/KUC/FI/ 1555 hrs