Standard Chartered Bank (SCB) To Introduce Blockchain-Based Remittance System For Bangladesh

Jyoti  |  Sep 9, 2020

Soon the Bangladeshi deportees in Malaysia would be able to instantly send money to their home country using Bangladesh’s first blockchain remittance system. 

On September 09, The Business Standard published a report stating that the British national banking service firm in Bangladesh, Standard Chartered Bank (SCB), would soon introduce blockchain-based payment services which will help the users in processing cross border transfers. 

Valyou And bKash Helped SCB In Developing Remittance System

As per the report, a mobile banking platform based in Bangladesh, bKash, and the remittance provider in Malaysia, .i.e., Valyou had helped SCB in developing country’s first-ever blockchain-based cross-border remittance system.

Further, it has been reported that while developing the system SCB used the blockchain technology of Alibaba Group’s financial arm, Ant Group.

In the year 2018, SCB collaborated with Ant Group, which at that time was popular ad Ant Financial, so that they could start developing a blockchain remittance system.

Presently, the payment service is in its final stage of commercial testing, in Bangladesh, but the bank is planning to release the cross-border services for the customers in Valyou and bKash.

24/7 Availability Of Remittance Service

It is to be noted that soon after the launch of this service, the wage earners of Bangladesh, who are living in Malaysia for work, could easily transfer money to their home country through the Valyou app.

The user should be the customer of the Valyou and bKash wallet for processing the fund transfer.

According to the report, SCB would be operating as the ‘fund settlement bank and regulatory approval holder for the remittance service.’

Recently, the CEO of SCB at Bangladesh, Naser Ezaz Bijoy, has stated that most of the country’s economy is driven by remittance. Also, it has supported millions of families in the country. 

Bijoy further mentioned that remitters would very happy with the launch of a new remittance system in the country, as it would be available 24/7 and make their work more convenient too.

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