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Bitspark Begins Entry into Growing Malaysian Market with Vitaxel Group

Bitspark is delighted today to be announcing an MOU with Vitaxel Group (VXEL:OTCQB) for a market entry into Malaysia!


Bitspark is expanding its MTO platform into Malaysia to cater the growing outbound remittance market with Vitaxel Group. 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 will join Bitspark in providing lower cost and efficient transfers over their wide network in Malaysia.

Work is underway to bring the Bitspark remittance platform to businesses 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.

Read the full press release below.

3 June 2016

Bitspark signs MOU with Vitaxel Group for Remittance services in Malaysia.

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 an MOU 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.

“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.

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 ‘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 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.

About Bitspark:

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.

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