Standard Chartered, bKash and Valyou launch Bangladesh’s first blockchain-based cross-border remittance service

Standard Chartered Bank, in partnership with bKash of Bangladesh and Valyou of Malaysia, today announced the launch of the first blockchain-based cross-border remittance service in Bangladesh, facilitating instant transfers from Malaysia.

The service is powered by innovative blockchain technology from Ant Group.

Through this service, Bangladeshi expats in Malaysia can send wage remittance via Valyou to a beneficiary in Bangladesh who is a bKash wallet user, the bank said in a press release.

Standard Chartered Bank is the fund settlement bank and regulatory approval holder for the service, which is a collaboration among Standard Chartered, Ant Group, bKash and Valyou. 

The service is in the final stages of commercial testing and will be available to customers in Bangladesh and Malaysia soon.