Malaysian MoneyMatch completes first Ripple-based transaction
Malaysian fintech MoneyMatch have conducted their first cross-border transaction based on the Ripple blockchain.
The transaction went from Malaysia to Spain, and with the firm following it up creating channels with Germany, Latvia and Ireland.
“It also managed to process transactions within a few hours via a chain block rather than a traditional SWIFT network, used by banks, which took a minimum of two days and some longer,” Adrian Yap, the CEO of MoneyMatch, says.
In April, the company announced it was partnering with Ripple to power its payments, which would help retailers exchange MYR to EUR at a much lower cost than traditional bank transfers.
MoneyMatch says it has been working closely together with the Ripple team during the past few months to be fully integrated into the RippleNet xVia platform.
In this transaction, MoneyMatch claimed to have helped a retail user convert MYR to EUR at a significantly lower cost than a bank’s traditional telegraphic transfer.
MoneyMatch has also successfully signed on a partnership with the Stellar blockchain and will be integrating with Stellar partners in the future. The firm says it aims to become a multi-blockchain-enabled cross-border fintech platform.
MoneyMatch is approved by Bank Negara Malaysia through the BNM FinTech Sandbox and to date, it claims it is the only fintech in the country that does know your customer (KYC) digitally.
It is also working to develop transactions on the Ripple blockchain with other region such as India, Thailand, USA and other such jurisdictions.