23/02/2021

Mobile Money, bKash, Ripple: eWallet Remittances | PYMNTS.com

“bKash and MobileMoney will gain access to a wide range of RippleNet’s features, including
wallet-to-wallet transactions,” Ripple wrote in a news release announcing the deal.
Mutual Trust Bank will handle local banking in Bangladesh under the new arrangement,
Ripple’s announcement stated.
According to preliminary 2020 World Bank data, Bangladesh is ranked ninth among the
countries for which data is available — the list includes almost all large economies — in the
amount of remittance inflows annually. The estimated 2020 figure is $19.76 billion. Malaysia
falls 73rd on the list, with inflow of $1.4 billion.
In a ranking of remittance outflows, according to the latest-available World Bank data — for
2019 — Malaysia is 12th, with immigrant workers sending $1.4 billion to their home countries.
Also for 2019 outflows, Bangladesh ranks 103rd, with immigrant workers sending $84 million to
home countries.
As for traffic between the two countries, the latest bi-lateral World Bank matrix has workers
from Malaysia living in Bangladesh sending $202 million home to Malaysia. For the same year,
according to the World Bank, workers from Bangladesh living in Malaysia sent $208 million
home to Bangladesh.
“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,” Kamal Quadir, chief
executive of bKash, said in a prepared statement.
Lee Eng Sia, founder of Mobile Money, said in a prepared statement: “Our focus has always
been on providing simple, cost-effective and convenient ePayment solutions to our customers.
More than ever, the pandemic has demonstrated that there is a strong need for remittance
solutions that enable people to transfer money anytime and anywhere. Our partnership with
Ripple makes us one of the first few eWallet companies to offer such digital remittance
solutions to Bangladeshi workers, and we’re confident that it will enable us to stay ahead of the
competition while expanding our user base.”
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