Though Ripple is currently facing a lawsuit from the United States Securities and Exchange Commission (SEC), the San Francisco-based cross-border remittance payments firm has not slowed down its operations as the company continues to work on the growth and development of its ecosystem. Ripple has formed new partnerships in order to expand its presence and to promote seamless remittances.
Ripple Partners With Mobile Money
On the 13th of January, Ripple announced that it has teamed up with the Malaysia-based mobile wallet firm Mobile Money with the intention of powering wallet-to-wallet payments. This partnership will promote seamless wallet-to-wallet remittances across its corridor present between the country of Bangladesh and Malaysia.
As per the announcement, Mobile Money will be connected to bKash via Ripple’s RippleNet, which is an institutional payments-providing network. bKash is a leading mobile financial service providing firm based in Bangladesh and a partner of Ripple, which has more than 45 million clients. As both Mobile Money and bKash will connect through RippleNet, both of the startups will be able to access various features of this network, such as the feature of the wallet-to-wallet transaction. RippleNet can be utilized now for remittances by these firms between Bangladesh and Malaysia.
This partnership is significant for Ripple as it will create a way for around 10 million new customers to come onto its platform. Mobile Money will also take benefit from this partnership as it seeks to expand its user base of its workers in Bangladesh.
What Do Executives Say About This Development?
Commenting on this partnership, the founder of Mobile Money, Lee Eng Sia, said in a statement that they are one of a few mobile wallet firms that are offering real-time remittance payment solutions to workers in Bangladesh. Sia said that with their partnership with Ripple and bKash, they plan to strengthen their user base further.
The Chief Executive Officer (CEO) of bKash Kamal Quadir also commented on this development and said that they are focused on providing their clients with simple solutions, and in order to do that, they continuously find out modern ways. He also expressed his joy in forging a partnership agreement with Ripple. By collaborating with them, the firm will try to offer a transparent, seamless, and cost-effective remittance experience.