An Asian FinTech startup, which has been certified by the apex bank of Malaysia with a specialty in facilitating international transfers, has rounded up its first cross-border transfer on RippleNet, Ripple’s enterprise blockchain platform using an API solution.
A Payment from Malaysia to Spain
According to a local media platform Focus Malaysia, it is MoneyMatch which is based in Kuala Lumpur has concluded its first international transaction network using the blockchain technology with a payment from Malaysia to Spain.
Reportedly, the transaction would enable a retail user to convert Malaysian ringgits (MYR) to Euros (EUR) at a relatively lower cost and faster rate taking only a few hours. Let’s make a comparison with global payments rail operated by SWIFT; it usually takes longer than this innovation would take coupled with a significantly high transaction fee. MoneyMatch chief executive Adrian Yap on Monday revealed that:
“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.”
The company further stated that shortly after the funds transfer from Malaysia to Spain, it also facilitated some cross-border payments to Germany, Latvia, and Ireland.
Prior to this time, April precisely, the FinTech startup was one of the early birds in the adoption of xVia alongside other four companies. xVia which is a standard API solution that allows firms to send payments over RippleNet without additional software.
Notably, RippleNet has facilitated funds transfer within the financial sector with over 100 financial institutions including banks, payment providers and even a central bank using no other technology other than blockchain.
MoneyMatch has now revealed other institutions it is working with, laying emphasis on the regulated partners who doubles as members on RippleNet in countries including Thailand, India and the United States and others.