A central-bank approved Malaysian Fintech startup that has focused in international money transfer has finalized its first cross-border transfer on RippleNet, Ripple’s enterprise blockchain platform with the help of an API solution.
With a payment from Malaysia to Spain, Kuala Lumpur-based MoneyMatch has finalized its first cross-border blockchain transaction.
The transaction which allowed a retail customer to change Malaysian ringgits (MYR) to Euros (EUR) at a ‘significantly lower cost’ related to traditional transfer services was finalized within a couple of hours, the transfer company disclosed. In relation, the international payments rail managed by SWIFT regularly takes a couple of days to process a transaction that is possible to cost higher in charges.
MoneyMatch chief executive Adrian Yap noted on Monday:
“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 the money transfer to Spain, the Malaysian startup also initiated cross-border payments to Germany, Latvia, and Ireland according to the company.