The blockchain is getting new companies and enterprises to realize its potential and how its technology can bring the answers to a reformed future. One of the major benefits of implementing blockchain technologies in the enterprises is that it allows the affiliates with faster speed and better security storage for the transactions.
As a result, one of the Asian Fintech startups, approved by the central bank specializes in international money transfers. This startup put the potential of blockchain to use, and it has conducted first ever cross-border payment transfer through RippleNet. The RippleNet is the blockchain platform enterprise of Ripple that uses the API solutions.
It was the MoneyMatch firm based in Kuala Lumpur who completed its first international payment initiated through blockchain transaction and made the payment from Malaysia to Spain. Focus Malaysia confirms these reports.
One of the reasons for encouraging the use of blockchain technologies is the cost-effectiveness that it brings. This benefit was put to use by the startup fintech which integrated the transaction by allowing the retail user to convert MYR (Malaysian Ringlets) to EUR (Euros) on a low price budget as compared to the higher costs charged through traditional services. Moreover, this process finishes the transaction in a matter of hours, says the satisfied firm.
In contrast, a traditional transfer service takes days to complete and with a higher cost of the transaction such as the one operated by SWIFT. This way it seems that the API platform incurred by blockchain enterprise will make sure that the customers get their way by processing the transaction in rapid time and with a low cost.
The reports were officially announced by Adrian Yap, chief executive of MoneyMatch. He says, “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.”
This cross-border transaction completion paves a way of new opportunities for the MoneyMatch firm as well as the potentials of blockchain technology. Now the firm officials will authorize the payment platform by extending their standards to further payment affiliations when it comes to Germany, Ireland, and Latvia.
The company also confirms that they are partnering up with the team of RippleNet and use the platform to get accompanied to regulated partners from countries such as the United States, India, and Thailand as of now.