Malaysian Payments Platform Partners With Ripple To Reduce Costs

A Malaysian payments platform for cross-border transactions MoneyMatch announced a partnership with Ripple in order to speed up the transaction time and to reduce the transaction costs by joining the RippleNET as we are reading in the XRP news.

Ripple spread the word about the new Malaysian payments platform partnership earlier today, making it even more dominant in the region. The cross-border payment company works with smaller and medium size companies and it is even more eager to reduce the costs of transactions for the customers but to also increase the speed which is what Ripple provides.

The CEO of MoneyMatch Adrian Yap worked in a major financial institution in the country that worked closely with banks. He believes that banks make huge profits from FX-operations which are really expensive for the users. He stated:

 “After joining RippleNet, we were suddenly a credible partner for all these financial institutions and payment providers around the world. Working with RippleNet partners allowed us to cut our costs by as much as 40% and instead of transactions taking at least two days, we were completing payments in just a few hours.”

However, the partnership with Ripple seems to have actually taken place in 2018. Ripple didn’t specify why it has made an announcement again about the old partnership. The users also noticed that in fact, the partnership is two years old so they shared their confusion.
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  The reason is that the partnership is going to reach a new scale. Ripple’s announcement mentioned the expansion of the platform in more than 120 countries via MoneyMatch:

 “MoneyMatch partnered with Ripple to offer cheaper and faster payments to more than 120 countries around the world.”

The article by the Malaysian outlet Fintechnews wrote about the partnership between Ripple and MoneyMatch and also stated that the platform also hinted a partnership with Stellar Lumens which is a major rival of Ripple in the crypto space:

“MoneyMatch has also successfully signed on a partnership with the Stellar blockchain as well and will be integrating with Stellar partners in the future as well as MoneyMatch evolves into a multi-blockchain enabled cross border FinTech platform.”