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Bitspark Limited, a Hong Kong-based fintech startup that pioneered the world’s first cash-in cash-out blockchain remittance platform for Money Transfer Operators, has signed an MOU with Vitaxel Group, to set its foot in Malaysia.
“Bitspark is expanding its MTO platform into Malaysia to cater the growing outbound remittance market with Vitaxel Group”, Bitspark said in an online post.
Malaysia is a core market for financial transactions with over $2 billion in remittance payments sent to Indonesia annually. The growth of mobile banking and smartphone usage presents new opportunities for reducing costs in cross border trade and opening to new customers and markets.
Under the partnership, the companies will seek to pursue the opportunities in financial services in Malaysia and other emerging SE Asian markets.
“We are delighted today to begin our cooperation with such a distinguished company as Vitaxel and who are a natural fit with their experience in the eCommerce and payments space already and are confident together we will be able to offer market leading services to both individuals and companies alike in Malaysia.” said Bitspark CEO George Harrap.
Vitaxel Group is the holding company of the first MLM Company from South East Asia. Along with its subsidiaries, it has more than 5000 distributors in 16 countries in Asia for their e-commerce, lifestyle and entertainment products and services. Vitaxel Group is joining forces with Bitspark to provide lower cost and efficient transfers over its wide network in Malaysia.
“We are committed to provide the most effective technology to deliver the best value to our current and future customers, we believe that our collaboration with Bitspark, a ‘gamechanger’ innovative fintech company, will move us closer to our corporate goals. Our customers and members of the public will very soon enjoy faster money transfer with greater cost savings.” said Ryan Leong, CEO of Vitaxel.
Bitspark and Vitaxel are working on proposals to bring the benefits of blockchain technologies to the remittance space in Malaysia and will be concluding further discussions in the coming weeks.
