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A central-bank approved Malaysian Fintech startup that has specializes in international money transfers has completed its first cross-border transfer on RippleNet, Ripple’s enterprise blockchain platform using an API solution.
With a payment from Malaysia to Spain, Kuala Lumpur-based MoneyMatch has completed its first cross-border blockchain transaction. The transaction, which enabled a retail user to convert Malaysian ringgits (MYR) to Euros (EUR) at a ‘significantly lower cost’ compared to traditional transfer services was completed in a matter of hours, the remittance firm revealed. In comparison, the global payments rail operated by SWIFT routinely takes several days to process a transaction that is likely to incur more fees.