Ripple announced a new partnership with Mobile Money that includes using RippleNet. The new partnership will help Mobile Money to connect to bKash. RippleNet will act as the network infrastructure for two financial companies. It shows the capability of this network as a solution for cross-border payments. The new partnership will help Ripple find new customers in the Asian market by connecting Malaysian and Bangladesh companies.
Decentralized Cross-Border Infrastructure
Blockchain projects are trying to find customers in traditional markets, too. They have shown their capabilities in managing cryptocurrencies and decentralized systems. They now want to show their ability to help conventional technology networks. Some blockchains like Ripple can work in this way by offering the infrastructure network for payments. Many other blockchains can have this kind of participation in the tech world.
The new partnership between Mobile Money and Ripple has another player named bKash. bKash is Bangladesh’s largest provider of mobile financial services (MFS), with more than 45 million users. Connecting Mobile Money and bKash systems through RippleNet means supporting considerable user-base and significant transaction records.
Ripple will provide lots of features of RippleNet for Malaysian and Bangladesh companies to connect to each other. Wallet-to-wallet transactions are one group of these features that surely will help users in both companies to have faster cross-border payments.
Malaysia is one of the top five sources of remittances for Bangladesh citizens. bKash can support its massive user-base by offering faster payments to and from Malaysia with the help of RippleNet. Kamal Quadir, CEO of bKash, said:
”We are constantly exploring innovative ways to give simple solutions to our customers. bKash is happy to have partnered with Ripple in collaboration with Mutual Trust Bank of Bangladesh to deliver a cost-effective, fast, transparent, and reliable remittance sending experience to more than 10 million non-resident Bangladeshis all over the world. This partnership will bring great convenience to both the recipients and senders, and contribute further to our national economy by encouraging inward foreign remittance flow through legal channels.”
The financial solutions that Ripple offers with RippleNet can play a vital role in promoting decentralized systems. It uses the DLT to manage financial services. When RippleNet finds big customers like Mobile Money and bKash, the community will hope for broader use-cases and adoptions worldwide. Navin Gupta, Managing Director of South Asia and MENA in Ripple, said:
“As Ripple is bolstering our presence in South Asia, we are excited to contribute to the infrastructure of the region to transform the way cross-border payments are executed.”
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