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2020-02-14

Bank from Blangladesh to cooperate with Ripple

Bank Asia, based in Bangladesh, has joined RippleNet's blockchain-based financial services network.

The partnership was only recently discovered after a Twitter user pointed out the Bank Asia logo in the official Ripple document on 10 February. Nevertheless, the partnership must be more than a month old, given that the document was published in December 2019.

The Bank Asia logo is present on a page showing examples of RippleNet users, alongside Santander, American Express, MoneyGram, Send Friend, Standard Chartered, SABB and SBI Group. The LinkedIn profile of the bank's head of foreign remittances Khandaker Mujahidul Islam shows that since March 2018 he has been working on integrating this institution's system with Ripple xCurrent's cross-border transaction solution.

Bank Asia was established in 1999 and has 2,256 employees, 128 branches and 3,186 agency offices. The total value of the bank's assets amounts to nearly 289 billion Bangladeshi Takas, which corresponds to more than USD 3.4 billion as at 31 December 2017. On the same day, the bank also managed nearly 52 million Bangladeshi Takas (over USD 609 million).

Ripple did not immediately answer Cointelegraph's questions whether the bank intends to use XRP in any way. 

Ripple's financial infrastructure is becoming increasingly popular. As reported yesterday by Cointelegraph, the National Bank of Egypt signed a cooperation agreement with Ripple to create new channels for money transfers.

Earlier this month, Ripple also established a new partnership with the money transfer company International Money Express to strengthen cross-border payments between the US and Mexico.