Malaysian Fintech-start-up specializing in international money transfers, completed its first cross-border operation on the RippleNet platform using blockchain technology. MoneMatch Company, which recently received a license from the Central Bank of Malaysia, has tested a platform for international transactions. The first money order, which allowed the client to convert Malaysian ringgits (MYR) into euros (EUR), was sent from Malaysia to Spain and took only a few hours.
In comparison with traditional SWIFT transfers, where the processing of operations takes several working days, the commission for such a transaction is significantly lower.
In an interview with the executive director of MoneyMatch, Adrian Yap, said:
We are very proud to show clear evidence that a Fintech startup fully created in Malaysia by young Malaysians is able to integrate into the Ripple platform and make international money transfers from Malaysia to Europe.
As previously reported, MoneMatch is one of five payment firms that have adopted a standard API solution that allows firms to send payments through RippleNet without the need for any additional software.
After a successful transfer of money to Spain, a Malaysian startup also sent payments to Germany, Latvia and Ireland. MoneyMatch also stated that it is now setting up communications with other partners that are members of RippleNet in countries such as Thailand, India and the United States.