The Bangladesh Bank has given the primary nod to leading mobile financial service operator BKash to launch a service that would facilitate instant remittance of money into the country from Malaysia through a wallet-to-wallet payment system.
Once the service is launched, it would be possible for Bangladeshi immigrants living in Malaysia to send money to any BKash account using the mobile wallet service of Malaysia-based financial service provider Valyou.
Any amount sent through a Valyou account will be instantly deposited to the receiving BKash account.
Valyou Sdn Bhd is a Malaysian financial technology subsidiary of Norwegian Telenor Group.
The latest distributed ledger technology will be used in execution of the new financial service, BKash head of corporate communications and public relations Shamsuddin Haider Dalim said on Thursday.
BKash has been tasked with the responsibility to verify the senders and receivers, the BB official said.
Besides, Standard Chartered Bank Bangladesh and Standard Chartered Bank Malaysia will work as the banking channels which will execute the wallet-to-wallet transaction that is expected to be launched soon, Dalim said.
The entire fund transfer process will be identical to the traditional banking process with the only difference being that the remittance beneficiary will be able to receive the money instantly, he said.
After getting initial consent, the MFS operator, Standard Chartered Bank and Valyou have begun working on the technological integration, Dalim said, adding that the launch of the service would make sending of money to Bangladesh more convenient and secure for the Malaysian expatriates.
Apart from the new remittance service, the MFS operator has been facilitating receiving of remittance through BKash accounts from Malaysia in association with Mutual Trust Bank since 2018.
The country received $1.2 billion in remittance from Malaysia out of its total $16.42 billion remittance inflow in the fiscal year 2018-2019.
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