Home

Products

Institutions

Resources

Company

Language

Download

Amber Group logoAmber Group logo

Home

Products

Institutions

Resources

Company

Sign Up

Download

En

Home / Market News / 

Bangladesh Utilizes the Blockchain of Ant Group to Get its First Blockchain Remittance Service

Bangladesh Utilizes the Blockchain of Ant Group to Get its First Blockchain Remittance Service

C

COINTELEGRAPH | 2020/09/09

Standard Chartered Bank has launched the first remittance service in Bangladesh.

Bangladesh to get its first blockchain remittance service

The South Asian nation of Bangladesh will soon get its first blockchain remittance system that will allow Bangladeshi expats in Malaysia to instantly transfer wage remittances to their home country.

According to a report from The Business Standard, the British national banking service firm Standard Chartered Bank (SCB) today announced the blockchain-based cross-border remittance service for Bangladesh.

SCB developed the remittance service in collaboration with the Bangladesh-based mobile banking platform bKash and the Malaysian remittance provider Valyou. It utilizes the blockchain of Ant Group, the financial arm of the Chinese business conglomerate Alibaba Group.

Ant Group, formerly known as Ant Financial, appointed SCB as its core partner bank in 2018 to work on new blockchain remittance systems.

While the remittance service for Bangladesh is still in the final stage of its commercial testing, the bank plans to launch it soon for Valyou and bKash customers. Following the launch, Bangladeshi wage earners in Malaysia will be able to transfer funds via Valyou to bKash wallet holders in Bangladesh.

Standard Chartered Bank will act as the fund settlement bank and regulatory approval holder for the remittance service.

Naser Ezaz Bijoy, CEO of Standard Chartered Bank, Bangladesh, said that remittances were an important driver for the Bangladesh economy and supported millions of families. The launch of an instant remittance system available 24/7, he said, would make the transfer process more convenient for remitters.

As Cointelegraph reported in August, SCB also settled the first blockchain transaction in Bangladesh by issuing a letter of credit for a trade between apparel manufacturer and exporter Viyellatex Ltd. and Viyellatex Spinning.

 

Original title: Bangladesh to get its first blockchain remittance service

 

Disclaimer

 

The views expressed in this article are the author's own and do not necessarily reflect the view of Amber Group. Amber Group shall not be held liable under any circumstances for any losses, damages or expenses arising from the use of any content mentioned in this article.

 

The information contained on this website is provided for informational purposes only, with no warranties, or guarantees made as to the accuracy, completeness or timeliness of it. Amber Group assumes no liability or responsibility for any errors or omissions in the information contained on this site. We strongly encourage you to conduct your own research before taking any action.

 

This site may contain copyrighted material, the use of which has not always been specifically authorized by the copyright owner. If you wish to use the copyrighted material from this site for the purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. Authors or publishers who claim ownership of copyrighted articles reprinted on this website and wish for the content to be removed may email us directly at official.accounts@ambergroup.io

 

If you would like to connect with us about any of the distributed content or other inquiries, please email us at official.accounts@ambergroup.io with the relevant documentation.


View Original Article >

Most Popular
The New Mate 40 Is Equipped with Digital Currency Wallet
China’s digital yuan looks closer than ever to launch with the news that Huawei will be supporting the central bank digital currency (CBDC) on an upcoming range of phones.
US Fed Is Broading Its Research on CBDC to Explore its “Intrinsic” Value Drivers
Fed economists are beginning their deep dive into CBDC research, hoping to identify the "intrinsic" value drivers of a digital dollar.
The Digital Yuan Pilots Have Processed $300M So Far According to PBoC Offical
China’s digital yuan pilot program is picking up speed.