Bangladesh will soon launch the first blockchain-based money transfer system. With its help, emigrants from Bangladesh in Malaysia will be able to instantly transfer funds to their country. To this end, the British national banking company Standard Chartered Bank (SCB) has announced work on a blockchain-based cross-border money transfer system.
SCB is developing a blockchain system in collaboration with Bangladesh-based mobile banking platform bKash and Malaysian remittance provider Valyou. The money transfer system for Bangladesh is currently in the final stage of commercial testing. The system is slated to launch soon for Valyou and bKash clients, after which Bangladeshi employees in Malaysia will be able to transfer funds via Valyou to bKash wallet holders in Bangladesh.
Standard Chartered Bank will act as the settlement bank and holder of regulatory approvals for money transfer services. According to the CEO of SCB Bangladesh, remittances are an important mechanism for the country's economy and support millions of families.
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