Standard Chartered Bank (SCB) the British multinational banking and financial services company has announced to roll out the first-ever blockchain remittance service in Bangladesh. For launching the remittance service in the country, Standard Chartered Bank teamed up with Malaysia’s top digital remittance provider Valyou and bKash, Bangladesh’s biggest mobile financial service providing company. The service will facilitate instant transfers from Malaysia.
First Blockchain-based Remittance service in Bangladesh
According to a post shared by The Business Standard on Wednesday, September 9, 2020, the London-headquartered financial services company Standard Chartered is rolling out blockchain cross-border remittance service in Bangladesh. This new remittance service uses the innovative blockchain technology of Ant Group which is Alibaba’s financial arm.
SCB may soon roll out this service for the customers of bKash and Valyou very soon. However, the service is still going through the commercial testing phase the final stage before it is launched in the country.
The Chief Executive Officer (CEO) of the Standard Chartered Bank Naser Ezaz Bijoy considers remittance an important factor that can drive their economy. Bijoy 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.”
Adding more to it, Standard Chartered Bank CEO said, “We hope this new service will benefit the end-users and contribute to the growing utilization of formal remittance channels.”
For this blockchain-based remittance service, SCB will perform its role as the ‘regulatory approval holder’ and the fund settlement bank.
The CEO of bKash of Kamal Quadir said while commenting on their partnership with Standard Chartered Bank:
“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.”
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