Bank Asia Joins RippleNet: Transforming Cross-Border Transactions

Unveiling the Collaboration

Ripple’s RippleNet just got a little more crowded, and it’s not just with new logos but with serious financial muscle. The recent buzz surrounding Bank Asia joining this blockchain-based financial services network came into the limelight thanks to a Twitter eagle-eyed user on February 10. But hold up, this partnership seems to be older than your last relationships!

A Sneak Peek into RippleNet

Bank Asia’s logo popped up among industry giants like American Express, MoneyGram, and Standard Chartered in an official Ripple document from December 2019. This page showcased notable users of RippleNet, and boy, did it stand out! Khandaker Mujahidul Islam, the bank’s maestro of foreign remittances, has been at the helm of integrating their systems with Ripple’s xCurrent since as far back as March 2018. Talk about planning ahead!

Connecting the Dots: A Ripple Effect

The primary aim? To link Bank Asia into a vast network where various banks and money service businesses (MSBs) hang out, resulting in lightning-fast remittance transfers. Picture a digital highway bustling with transactions—all thanks to blockchain. And Khandaker’s stated goal?

“To connect the Bank into the Ripple network where numbers of banks and MSBs are connected. End result is a blockchain-based network facilitating real-time remittance transfers.”

The Bank Behind the Logo

Founded in 1999, Bank Asia isn’t just a newcomer. With 2,256 employees, 128 branches, and over 3,186 agent outlets, they’ve made quite a name for themselves in Bangladesh’s banking landscape. As of December 31, 2017, their assets hit nearly 289 billion Bangladeshi takas (over $3.4 billion). They also managed upwards of 52 million Bangladeshi takas in remittances at that time. Not too shabby for a bank that’s been around for a couple of decades!

Ripple’s Rising Influence

It appears that Ripple is on a roll, with banks raising their hands quicker than students in class. Just recently, the National Bank of Egypt partnered with Ripple to create new channels for remittances—proving the blockchain revolution is here to stay. Earlier this month, they also joined forces with International Money Express to ease transactions between the U.S. and Mexico. It’s like the blockchain sorority, and everyone’s joining in!