A Malaysian FinTech startup, approved by the central bank, that specializes in international money transfers has completed its first cross-border transfer on RippleNet- Ripple’s enterprise blockchain platform that uses an API solution.
Kuala Lumpur-based MoneyMatch has completed its first cross-border blockchain transaction with a payment from Malaysia to Spain, according to a local report from Focus Malaysia.
The remittance firm revealed that the transaction was completed in a matter of hours- that which enabled a retail user to convert Malaysian ringgits (MYR) to Euros (EUR) at a ‘significantly lower cost’ compared to traditional transfer services.
After having transferred the money to Spain, the startup triggered cross-border payments to Germany, Latvia and Ireland as well, the company added.
According to a report from April, MoneyMatch is one of five payment firms adopting xVia, an API standard solution that allows for firms to send payments over RippleNet without the need for additional software.
RippleNet enables its members to send payments to each other on the blockchain- with over 100 financial institutions including banks, payment providers and even a central bank.
MoneyMatch is now working with other regulated partners with members on RippleNet in countries like Thailand, India and the United States, among others.
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