Bank Asia, the Bangladesh-based bank, has joined Ripple’s RippleNet blockchain-based financial services network.
Everyone will engage RippleNet!!! https://t.co/ZezfLMFwBD — 🐼PandaRippleXRP🐼 (@RipplePandaXRP) February 13, 2020
On February 10, it has been reported that the partnership was only recently discovered after a Twitter user pointed out the Bank Asia logo in an official Ripple document. Still, the partnership must be well over a month old, given that the document in question was published in December 2019.
Bank Asia Limitedが新たにRippleNetさ！ ここはバングラデシュの商業銀行で総資産は約4兆、日本の地銀なら中の上といった規模だね！ バングラデシュの他パートナーにはbkashもいるし、 経済成長中の南アジアでもRippleNetが広まりを感じるね！ pic.twitter.com/UnQwseePrs — カエサル・ナルシスト (@crypto_narcist) February 10, 2020
However, Bank Asia’s logo is present on a page showing examples of RippleNet users, alongside Santander, American Express, MoneyGram, Send Friend, Standard Chartered, SABB and SBI Group.
The LinkedIn profile of Khandaker Mujahidul Islam, the bank’s head of Foreign Remittances, shows that he is working on integrating the institution’s system with Ripple’s cross border transaction solution xCurrent since March 2018.
In the description of the project, he writes that he aims:
“To connect the Bank into the Ripple network where numbers of banks and MSBs are connected. End result is a block-chain based networks facilitating real time remittance transfers.”
According to its website, Bank Asia was founded in 1999, has 2,256 employees, 128 branches and 3,186 agent outlets. The bank’s total assets are worth nearly 289 billion Bangladeshi takas, equivalent to over $3.4 billion as of Dec. 31, 2017.
Thus, the bank also claims to have managed nearly 52 million Bangladeshi takas (over $609 million), by the same date.