Bitspark is delighted today to be announcing an MOU with Vitaxel Group (VXEL:OTCQB) for a market entry into Malaysia. Vitaxel Group and it’s subsidiaries have over 5000 distributors in 16 countries in Asia for their E-commerce, lifestyle and entertainment products and services. Work is underway to bring the Bitspark remittance platform for Money Transfer Operators in Malaysia and elsewhere who are looking for a low cost, high margin, compliant and secure platform in order to expand their remittances services in SE Asia.
“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,” said Bitspark CEO George Harrap.
This is the first partnership of a Bitcoin remittance company with a listed entity and first significant announcement related to digital currencies in Malaysia. Bitspark has also seen interest from financial institutions in Malaysia and enterprise customers who it is currently working with. Bitspark is looking to close a private funding round soon to fuel this growth in addition to being open for qualifying investors at Bnktothefuture. Malaysia is a core market for financial transactions with over $2 billion in remittance payments sent to Indonesia annually.
“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. This distributors’ base is also expanding as we are developing into some major markets within the Asean community this year. 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 ‘gamechanger’ 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 saving,.” said Ryan Leong, CEO of Vitaxel.
Bitspark and Vitaxel will be concluding further discussions in the coming weeks and are working on proposals to bring the benefits of Blockchain technologies to the remittance space in Malaysia.
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