The blockchain-based company that devises rapid and competitive remittance corridors running on an API solution, Ripple has once again proved the credibility of underlying technology for international money transfers.
As a part of Ripple’s expansion strategy in Asia and the Middle East, the company has partnered one of the Malaysian Fintech startups that has received an approval from the central bank to operate in the field on cross-border payments.
A Fruitful Collaboration
These two companies found each other in the right times, since their collaboration has led not only to mutual benefits for both parties involved but also it has contributed to a public endorsement of the blockchain technology worldwide.
The Fintech startup MoneyMatch has exploited the Ripple blockchain at full capacity as the other day it has successfully conducted the first ever live cross-border transaction out from Malaysia to Europe.
At the moment, MoneyMatch remains the only live operating FinTech with eKYC functionality in Malaysia. Once users has successfully signed in, they can proceed to transfer money overseas at significantly cheaper rates and faster disbursement times.
From Malaysia to Europe in Just Few Hours
As an insider reveals, in order to make this cross border transaction via the blockchain possible, MoneyMatch have been closely working together with Ripple in San Francisco over the past several months. The efforts of two companies were put into an integration of MoneyMatch into the RippleNetxVia platform via an application programming interface.
As soon as this stage was completed, a renowned transaction has taken place. The transaction, which enabled a retail user to convert Malaysian national currency ringgits (MYR) to Euros (EUR) at a ‘significantly lower cost’ compared to traditional transfer services was completed in a matter of hours, the remittance firm revealed.
Notably that the global payments rail operated by SWIFT routinely takes several days to process a transaction that is likely to incur more fees. In the meantime, one of the reasons for encouraging the use of blockchain technologies is the cost-effectiveness that it brings with the help of an API solution that allows firms to send payments over RippleNet without the need for any additional software.
Ripple-based Business Opportunities for MoneyMatch
Both companies seem to be satisfied with achieved results, while CEO of MoneyMatch, Adrian Yap shared his excitement, saying:
“We’re really proud to make this announcement today as we show clear evidence that a FinTech startup made wholly in Malaysia by young Malaysians is capable of integrating into the Ripple blockchain and performing a live legitimate international money transfer from Malaysia to Europe bringing blockchain innovation to the traditional Malaysian financial services industry.”
Following this pilot transaction to Spain, MoneyMatch has also conducted live cross-border payments on the blockchain out to Germany, Latvia and Ireland.
Owing to the Ripple’s cutting-edge technology, MoneyMatch will now be able to sustainably offer the best pricing and fastest speeds for international payments out to Europe.
MoneyMatch stated that the company will continue working with multiple other regulated partners in overseas jurisdictions who are also on the Ripple blockchain such as India, Thailand, USA and other such jurisdictions.