In a recent development, Ripple is reported to have signed an agreement with Malaysian money transfer firm and Bangladesh's largest mobile financial services provider to link remittances between the two countries.
An announcement made last week, emphasized that Mobile Money Malaysia and bKash Bangladesh will take advantage of Ripple's global payment network, RippleNet for wallet-to-wallet transactions.
BKash CEO, Kamal Quadir described this cooperation as able to further contribute to the country's economy by encouraging the flow of remittances through legal channels based on the law.
Meanwhile, Mutual Trust Bank (MTB) will act as a domestic banking partner in settling payments.
In contrast to bKash which has a user base of over 45 million, MobileMoney only represents a small portion of Malaysia's mobile payments.
bKash indirectly currently dominates most of the country's remittances, the third largest in South Asia.
Based on records by Mutual Bank, Bangladesh remittances last year reached an all-time high of $ 18.2 billion, comprising remittances from Malaysia, the Middle East and the United States (US).
Seen in style, the joint venture was not disturbed by the issue of Ripple being sued by the Securities and Exchanges Commissions (SEC) in the US for being found to be in breach of federal securities regulations with the sale of a crypto currency, XRP.
