Ripple Powered MoneyMatch Granted Remittance License in Malaysia by BNM Bank
The Ripple Powered Malaysian fintech startup MoneyMatch has recently announced that they have been granted a Class B remittance license from Bank Negara Malaysia (BNM). The goal is to carry out digital remittance services for businesses and individuals as well. The information was released by Reuters a few hours ago.
According to the startup, they are the first firm that receives a nod from BNM’s Financial Technology Enabler Group (FTEG). With it, they will be able to offer clients an eKYC service to perform online transactions using the firm’s mobile application.
As we wrote at Bitcoin Exchange Guide in 2018, MoneyMatch leverages Ripple’s xVia in order to send funds internationally. The firm completed its first-ever cross-border transaction using Ripple’s xVia solution. The services currently allow the firm to process transfers of funds from Malaysia to Europe.
Raja Adam Malik, the Chief Financial Officer (CFO) of the company, stated:
“The forward thinking and bold banks will evolve with the market as it changes and in some situations work very closely in partnership with fintech startups, often times even forgoing potential revenue in certain business lines by partnering with fintech startups and going for the bigger picture and long term user engagement for their respective organizations.”
He went on saying that local financial institutions and banks are also showing a mixed reaction. Some of them want to explore further options collaborating with fintech startups and others want to experiment with these technologies within closed doors.
MoneyMatch is also working in order to expand to the Australian market, where they have also been granted a license. They can operate there providing remittance services after being approved by the Australia Securities and Investments Commission.
Ripple offers services to companies that want to perform cross-border transactions and international payments in a seamless way. There are already more than 200 companies working with Ripple and the number of these firms continues to grow week after week.