Ripple has been under fire after the American Securities and Trade Fee (SEC) sued the corporate elevating questions in regards to the viability of its token, XRP. Following this, a slew of crypto exchanges pulled out the digital asset inflicting the worth to tumble.
Nevertheless, this hardly dampened the agency’s ambitions to scale up. In a brand new announcement, the blockchain payment supplier stated that it has collaborated with Malaysian fintech Cell Cash in a bid to determine extra environment friendly remittance between Malaysia and Bangladesh. The brand new tie-up will make sure that the Bangladeshi inhabitants is supplied with a extra frictionless cross-border fee expertise.
Supervised by the Financial institution of Bangladesh, this deal will imply that Cell Cash will get related to Bangladesh’s monetary service firm bKash by the RippleNet funds community enabling them to make use of options together with wallet-to-wallet transactions. Consequently, Ripple may channel a share of an estimated $20 bn in remittance flows to Bangladesh.
So as to add on, with this new affiliation, the consumer base of each corporations is predicted to extend by at the very least 20%. Commenting on this partnership, BKash CEO Kamal Quadir stated:
“bKash is completely happy to have partnered with Ripple in collaboration with Mutual Belief Financial institution of Bangladesh to ship a cheap, quick, clear and dependable remittance sending expertise to greater than 10 million non-resident Bangladeshis everywhere in the world.”
He believes that using authorized channels equivalent to RippleNet to remit cash will enhance the fintech ecosystem and its present 45 million consumer base.
Moreover, the continuing pandemic has customers internationally turn into extra tech-savvy and adept to on-line funds. As Cell Cash co-founder Lee Eng Sia put it:
“Greater than ever, the pandemic has demonstrated that there’s a sturdy want for remittance options that allow folks to switch cash anytime and wherever.”
Given how remittances to Bangladesh reached an all-time excessive of $18.2 bn in 2020, it certainly was the necessity of the hour. The query is that whereas the partnership comes at a difficult time as Ripple grapples with the lawsuit, will it assist the agency to achieve extra assist from the crypto group?