Bitspark Limited , a remittance service that leverages bitcoin and blockchain technology, has partnered with Vitaxel Group, a direct sale organization, to bring Bitspark’s payment platform to Malaysia, the company announced in a blog . Bitspark enables money transfer businesses to send and receive money faster, cheaper, and more securely to more than 100,000-plus destinations worldwide. The two companies seek to pursue the opportunities in financial services in Malaysia and other emerging Asian markets as mobile banking brings opportunities to reduce costs in cross-border trade. The companies will soon roll out blockchain remittance in addition to other value-added services. The companies will soon roll out blockchain remittance in addition to other value-added services. Bitspark CEO, George Harrap , said: I think this signals the start of a working relationship that we can build on over time for new products and markets to meet the needs of our customers with our industry leading services in the financial space. A Key Money Transfer Market Malaysia is an integral market for money transfers, often involving high volumes of shipments to neighboring Singapore, Indonesia, Thailand, and other nations throughout the Association of Southeast Asian Nations (ASEAN). The ASEAN market represents more than $2 billion USD and is growing 6 percent annually. Malaysia in 2015 was the first ASEAN country to issue a regulatory framework for equity crowdfunding, followed by marketplace lending, and Indonesia is issuing new credit bureau licenses to improve centralized credit data collection and availability, according to Techcrunch . Malaysia is also a destination for Indonesian migrants, CCN reported. It is also home to some bitcoin mining datacenters. Vitaxel: A Direct Sales Company Ryan Leong, CEO of Vitaxel, said his direct sales company has grown to serve close to 5,000 distributors in 16 Asian nations in less than a year and […]
