Following on from our announcement in June we have now completed our Master Agreement with Vitaxel Group (VXEL:OTCQB) for a market entry into Malaysia!
Bitspark this week in Hong Kong signed our master agreement with Vitaxel Group for the rollout of remittance services in Malaysia. From the MOU in June to now has been less than 2 months thanks to the hard work of both teams we have concluded this quickly and have a clear plan on rolling out services in Malaysia soon and potentially further afield.
Vitaxel Group and its subsidiaries have over 5000 distributors in 16 countries in Asia for their e-commerce, lifestyle and entertainment products and services and is an ideal partner to work with when rolling out the Bitspark platform to new customers targeting the large outbound remittance market in Malaysia.
Read the full press release below.
4 August 2016
Bitspark Limited, the world’s first cash-in cash-out remittance service leveraging Bitcoin and Blockchain technology in partnership with Vitaxel Group, 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, today signed the master agreement to pursue bringing Bitspark’s remittance platform to the Malaysian market. Bitspark and Vitaxel Group seek to pursue the opportunities in financial services in Malaysia and other emerging SE Asian markets as the rise of mobile banking and smartphone usage presents new opportunities for reducing costs in cross border trade and opening to new customers and markets. This follows on from the MOU signed in June and begins the rollout in Malaysia.
“Today we signed our final master agreement on bringing the Bitspark Remittance platform to Malaysia, both teams at Bitspark and Vitaxel have been working hard to make this happen and today we have reached an exciting new milestone. I think this signals the start of a working relationship that can we can build on over time for new products and markets to meet the needs of our customers with our industry leading services in the financial space.” said Bitspark CEO George Harrap.
Malaysia is an integral market for money transfers, often involving high volumes of transfers to neighbouring Indonesia, Thailand, Singapore and other nations throughout ASEAN, a market of over $2 billion USD growing 6% 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 ‘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.” said Ryan Leong, CEO of Vitaxel.
Bitspark and Vitaxel Group will soon be rolling out Blockchain remittance services in Malaysia in addition to other value added services and products.
Bitspark is a Fintech startup based in Hong Kong that pioneered the world’s first cash-in cash-out blockchain remittance platform for Money Transfer Operators. Bitspark enables Money Transfer Businesses to send and receive money quicker, cheaper and more securely to over 100 000+ destinations worldwide. Bitspark is an incubated startup of the Cyberport, an organisation for innovative companies backed by the Hong Kong government and is an alumni of the Accenture fintech accelerator program and currently works with both small and large multi-national organisations in creating innovative Blockchain based solutions for both financial and non-financial applications.
About Vitaxel Group:
Vitaxel Group Limited is quoted on the OTCQB, USA (stockcode “VXEL”) and currently has two subsidiaries, Vitaxel SDN BHD (Vitaxel) and Vitaxel Online Mall SDN BHD (Vionmall). Vitaxel is primarily engaged in the direct selling industry utilizing a multi-level marketing model with an emphasis on travel, entertainment and lifestyle products and services. Vionmall is engaged in the development and operation of online shopping platforms accessible to Vitaxel distributors, members of the public and third party providers of products and services. It currently has approximately close to 5,000 distributors based in 16 Asian countries.
To learn more please visit Bitspark.
Vitaxel Group Website
Vitaxel Wechat ID : VitaxelMY