Bangladesh Launches First Blockchain Remittance Service System

British public financial services company Standard Chartered has announced a blockchain-based cross-border money transfer service in Bangladesh, Business Standard reports.

Standard Chartered has partnered with Bangladesh-based mobile banking platform bKash and Malaysian money transfer service provider Valyou to develop money transfer services. It uses blockchain technology developed by Ant Group, the financial arm of Chinese company Alibaba Group.

Money transfer services to Bangladesh are still in the final stages of commercial testing, but Standard Chartered plans to launch them soon for Valyou and bKash customers.

After the release, Bangladesh payment agents in Malaysia will be able to send money to bKash holders in the Bangladesh wallet through Valyou.

Standard Chartered Bank acts as a wire transfer and maintains approval for funds transfer services.

Naser Ezaz Bijoy, CEO of Standard Chartered Bank Bangladesh, says remittances are an important part of Bangladesh's economy, supporting millions of families.

"If we offer 24/7 fast fund transfers, the process of transferring funds will be easier."

Cointelegraph announced in August that SCB had completed the first blockchain project in Bangladesh by announcing a business letter from manufacturer and exporter Viyellatex Ltd. and Viyellatex Spining.