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Bangladesh to get its first blockchain remittance service

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  • Bangladesh to get its first blockchain remittance service

    Standard Chartered Bank has launched the first remittance service in Bangladesh.

    The South Asian nation of Bangladesh will soon get its first blockchain remittance system that will allow Bangladeshi expats in Malaysia to instantly transfer wage remittances to their home country.

    According to a report from The Business Standard, the British national banking service firm Standard Chartered Bank (SCB) today announced the blockchain-based cross-border remittance service for Bangladesh.

    SCB developed the remittance service in collaboration with the Bangladesh-based mobile banking platform bKash and the Malaysian remittance provider Valyou. It utilizes the blockchain technology of Ant Group, the financial arm of the Chinese business conglomerate Alibaba Group.

    Ant Group, formerly known as Ant Financial, appointed SCB as its core partner bank in 2018 to work on new blockchain remittance systems.

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