Himalayan Bank Limited (HBL) is one of the largest private banks in Nepal. The Bank was incorporated in 1992 by a few eminent individuals of Nepal in partnership with the Employees Provident Fund and Habib Bank Limited of Pakistan. The bank commenced its operations in January 1993.
According to a Mr. Ashoke SJB Rana (HBL CEO) statement in the Bank’s 2018 annual report:
“We are also proud that we are among the major remittance service providers in the country. The remittance business is growing day by day with exploration of new avenues of business in the Korean Peninsula, Japan and other countries. We have also tied up with Ripple and expect to start our services through them very soon.“
At the same time, Deep Shrestha (Unit Head – Remittance Centre for HBL) confirms that he: “Worked with Ripple net solutions to integrate blockchain technology with online Remittance system”.
This is the first known bank to work with Ripple in Nepal, a country with 29.3 million people that received $8.1 billion in remittances in 2018, making it the 19th biggest beneficiary of funds sent by migrants around the world. The percentage of inward remittances summed up to a staggering 28% of the country’s GDP in 2018.
HBL has developed exclusive and proprietary online money transfer software HimalRemitTM. HBL is the biggest inward remittance handling Bank in Nepal.
This partnership expands Ripple’s presence in the region, with partners in:
- China (Shanghai Huarui Bank, LianLianPay)
- South Korea (Coinone, Sentbe, Woori Bank, Shinhan Bank)
- Japan (SBI Holdings, SBI remit, Mizuho, MUFG, Mitsubishi Corporation, Sumitomo Mitsui Banking Corporation, Japan Post Bank, Sumitomo Mitsui Trust Bank, Nomura Trust and Banking Co., Ltd.)
- The Philippines (iremit, Cebuana Lhuillier, BDO Bank)
- Indonesia (Bank Sinarmas, Top remit)
- Malaysia (MoneyMatch, CIMB Bank)
- Sri Lanka (Cargills Bank, Combank)
- Thailand (Krungsri, SCB)
- Vietnam (TP Bank)
- India (Axis Bank, IndusInd Bank, Kotak Mahindra, Yes Bank, Federal Bank Ltd, HDFC Bank)
- Bangladesh (bKash)