Bangladesh to Launch Its First Blockchain-Based Remittance System for Expats

The Blockchain Revolution: A New Era for Remittances

In an exciting development for Bangladeshi expatriates, a groundbreaking blockchain remittance system is on the horizon. This innovative service will enable Bangladeshi workers in Malaysia to swiftly send their hard-earned wages back home.

A Collaboration of Titans

Leading the charge is Standard Chartered Bank (SCB), in partnership with local name bKash and Malaysian remittance provider Valyou. This alliance aims to transform how remittances are processed, all thanks to the technological muscle of Ant Group, the financial wizards behind Alibaba.

Setting the Stage

Currently in the last phase of commercial testing, the remittance system is nearing its launch. The service promises to allow Bangladeshi wage earners in Malaysia to transfer funds using Valyou, effortlessly landing in bKash wallets back in Bangladesh.

Why Remittances Matter

For many in Bangladesh, remittances serve as a lifeline that drives the economy. Naser Ezaz Bijoy, CEO of SCB Bangladesh, emphasized this crucial point, stressing how millions of families rely on these transactions. He noted that the 24/7 availability of the remittance service will significantly enhance the process for those sending money home.

The Future of Financial Transactions

With this service, Bangladesh is stepping into the future of financial transactions. Earlier in August, SCB had already made headlines by executing the nation’s first blockchain transaction through a letter of credit between Viyellatex Ltd. and Viyellatex Spinning. This new remittance system is set to drive the point home—innovation is the key to convenience and efficiency.