Bitspark, a Hong Kong-based remittance platform, has partnered with Vitaxel Group to bring its Bitcoin remittance services to Malaysia.
Vitaxel Group is the holding company of the first MLM Company from South East Asia to promote exclusive travel, entertainment, lifestyle and health products through eCommerce and its own online shopping mall. The group and its subsidiaries have more than 5,000 distributors in 16 countries in Asia.
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The two companies seek to pursue the opportunities in Malaysia and other emerging South East Asian markets as the rise of mobile banking and smartphone usage would reduce costs in cross border trade.
Malaysia is a core market for financial transactions with over $2bn in remittance payments sent to Indonesia annually.
Bitspark CEO George Harrap said: "We are delighted today to begin our cooperation with such a distinguished company as Vitaxel and who are a natural fit with their experience in the eCommerce and payments space already and are confident together we will be able to offer market leading services to both individuals and companies alike in Malaysia."
Vitaxel CEO Ryan Leong said: "Our customers and contacts are located all around the world, whilst having our headquarters in Malaysia, we are currently serving close to 5,000 distributors in 16 Asian countries and all this happening within one and half year in operation.
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By GlobalData"We are committed to provide the most effective technology to deliver the best value to our current and future customers, we believe that our collaboration with Bitspark, a ‘game-changer’ innovative fintech company, will move us closer to our corporate goals. Our customers and members of the public will very soon enjoy faster money transfer with greater cost savings."
