Bitspark and Vitaxel

Bitspark, headquatered in Hong Kong, was founded in April 2014 and specialises in remittances services in the Asia Pacific region. It is also known for introducing the world’s first brick-and-mortar bitcoin remittance vendor in Hong Kong.
Bitspark has signed a Master Agreement with Vitaxel Group to enter the Malaysian market. The partnership will enable customers in Malaysia to access Bitspark’s full services at local money transfer outlets and provide an option for individuals to utilise mobile payments.

The partnership with Vitaxel will allow the startup to add Malaysia and MYR as a supported country and currency. Bitspark currently allows for remittances to the Philippines, Indonesia and Vietnam and has over 100,000 cash pickup locations.

Vitaxel, a market leader in the MLM and e-commerce space, has over 5,000 distributors in 16 countries in Asia. The firm is primarily engaged in the direct selling industry with an emphasis on travel, entertainment and lifestyle products and services.

For Bitspark, Malaysia’s remittance market represents a significant opportunity. In 2014, Malaysia – Indonesia was the largest remittance corridor in Southeast Asia. This is notably due to the high number of Indonesians working abroad in the region in countries such as Malaysia and Singapore.