Bank Asia Limited a RippleNet member

by | Feb 11, 2020

  • Bank Asia Limited is a RippleNet member.
  • Bank Asia’s Core Banking System integrated with xCurrrent (Ripplenet).

Ripple has recently surpassed 300 customers, as announced in November 2019. Even though Ripple has been open to announcing the number of customers, the names of all 300+ partners are unknown, sometimes leading to wild speculation and controversy.

Integration of Bank Asia CBS with Ripple xCurrent System

We have recently come across the profile of the Head of Foreign Remittance at Bank Asia Limited, Mr. Khandaker Mujahidul Islam. Mr. Mujahidul has been with Bank Asia since 2013. However, it was a project he started working on in March 2018 that caught our attention. He has been working on the integration of the Core Banking System of Bank Asia with Ripple’s xCurrent system. The aim of the project is to connect the Bank into the Ripple network, where a number of banks and MSBs are connected. The end result will be a blockchain-based network facilitating real-time remittance transfers. At the time, it is unknown whether this integration has been completed.

Official confirmation

Official confirmation, however, came from a Ripple document recently published on LinkedIn and shared by crypto_narcist on Twitter.

This document confirms that Bank Asia Limited is a RippleNet member.

Who is Bank Asia?

Bank Asia Limited is a private sector commercial bank in Bangladesh. The Bank was established and incorporated in 1999. It expanded through the purchase of the branches of Bank of Nova Scotia and Muslim Commercial Bank Limited.

Bank Asia Limited started its service with a vision to serve people with modern and innovative banking products and services at affordable charge. Being parallel to the cutting edge technology, the Bank is offering online banking with added delivery channels like ATM, Tele-banking, SMS and Online Banking. It currently employs 2256 people, it operates 128 branches and 3186 agent outlets.

At the end of 2017, Bank Asia’s total assets amounted to 288,997 Million Tk ($3.4 billion) and it handled 51,778 Million Tk. in remittances ($609 million).

About Bangladesh

Bangladesh has a population of 164 million, which makes it the 8th most populous country in the world. According to World Bank statistics from 2017, Bangladesh was the 9th top receiver of remittances, world-wide, with a total of $13 billion.

These are the countries that receive remittances from and send remittances to Bangladesh.

This makes Bank Asia Limited the second RippleNet member in Bangladesh, after bKash. Bank Asia has been added to our Ripple ecosystem.