Crypto CasinosAll ICOICO statsRatingReviewsBlogNewsDEFI Wallets Mining Exchanges Chart Events

MoneyMatch has successully completed its first cross-border transaction on Ripple’s xVia - Ripple (XRP) News

18 october 2018, 19:32 by Jesús S. Affigne

MoneyMatch has successully completed its first cross-border transaction on Ripple’s xVia

The payment processor is pleased with the results

Malaysia-based Fintech MoneyMatch has recently completed its first cross-border transaction using xVia, a solution by blockchain company Ripple for sending payments. According to the startup, the operation saw the conversion of Malaysian Ringgit to Euro, in a transaction a retail user needed to execute, and proved to be cheaper to carry out than traditional operations of this kind (such as a bank telegraphic transfer). Specifically, the first payment was sent to Spain, and following its completion, three more were issued to Germany, Latvia and Ireland.

CEO of MoneyMatch Adrian Yap shared his thoughts on the successful operation. “We’re really proud to make this announcement today as we show clear evidence that a FinTech startup made wholly in Malaysia by young Malaysians is capable of integrating into the Ripple blockchain and performing a live legitimate international money transfer from Malaysia to Europe bringing blockchain innovation to the traditional Malaysian financial services industry,” he said.

Aside from being significantly less expensive, Yap noted that the transaction was carried out in a matter of few hours using the blockchain technology of Ripple (also known as RippleNet), and compared it to the long times the same transaction could take to complete on traditional networks, such as SWIFT (taking two days at minimum, and depending on the network, it could take longer).

This way, the remittance service MoneyMatch provides eyes to become a reference when it comes to sending money from Malaysia to Europe. Additionally, they will continue working with several Ripple-user partners in other latitudes such as Thailand, India and USA.

Earlier in April this year, the Malaysian fintech startup announced its partnership with Ripple Labs to integrate their payment solution xVia. This is one of the three current products Ripple offers for seamless transactions overseas, carried out on the blockchain protocol, and that promises to revolutionize the traditional financial system.

As more banks and other financial entities begin to realize the potential of blockchain technology (in this case thanks to Ripple’s commitment to this particular sector), its mass adoption will become a reality we could witness in a few years from now on.

Follow TokenTops on Twitter to stay notified about new articles, cryptocurrency news, ICO announcements and price predictions and analysis.

Legal Disclaimer: Please remember that trading, buying or any other type of investing in cryptocurrencies should be consider risky and may lead to the loss of all of the invested money. For further information visit Terms and Conditions section on TokenTops. We do not encourage our readers to any kind of financial decisions. Neither nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from We believe that everyone should make their own and in depth research on the particular topic in various sources before making any financial decision and this person should be the only one responsible for the outcome. Our writers do their best to remain unbiased and don't actively support any project. The research is done with various sources, the predictions are based on own believes, analytical skills, experts and community discussions and is intended to convey general information only. 

You may also like


Write comment 0 comments

You need to login to create comments.

Get the week’s best ICO right in your inbox