Huawei, the Chinese tech giant, and Ripple, the American blockchain firm, have joined forces to provide access to digital financial transactions in Bangladesh.
The two companies are collaborating to bring advanced fintech services to the citizens of the country.
The partnership will allow the population to access financial services in the digital asset market, including cryptocurrency wallets and nano-crediting in the RippleNet payment network.
To execute the joint program, Huawei will develop digital financial services applications that will enhance the capabilities of the bKash mobile payment platform, while Ripple’s mobile payment operator, bKash, will leverage its extensive customer base of over 68 million people in Bangladesh.
Huawei has already deployed its digital finance solutions in more than 30 markets in Asia and Africa, serving more than 400 million users worldwide.
According to Pan Junfeng, the President of Huawei in the South Asia Region and Director of Huawei in Bangladesh, the partnership aims to promote the growth of the digital economy in Bangladesh and provide wider availability of financial services to the population through advanced fintech technologies.
Ripple has also shared the findings of its survey, which suggests that blockchain and cryptocurrencies can improve the traditional finance industry.