Ripple has rapidly expanded its presence in the Middle East. Earlier this month it was officially announced that the Qatar National Bank (QNB) was planning to launch a remittance platform based on Ripple blockchain technology.
Ripple Labs has partnered with Al Ansari Exchange. The UAE-based foreign exchange and global money transfer company joined RippleNet.
RippleNet Cloud is the cloud-based financial network technology from the blockchain specialist. Al Ansari Exchange will use the network to provide same-day transfers to Malaysia through money transfer technology company MoneyMatch.
The remittance service using RippleNet will initially support transactions in Malaysian ringgit (MYR), but Al Ansari plans to add Brunei dollar (BND) and Australian dollar (AUD) in the near future as the venue increases demand for cross-border payments .
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Rashid Al Ansari, Chief Executive Officer of Al Ansari Exchange, said, “Blockchain technology has paved the way for seamless, transparent and advanced methods of sending money transfers worldwide in real time.
“Bringing this technology to the cloud through our partnership with Ripple and MoneyMatch is in line with our commitment to providing our customers with more flexible, faster, safer and more innovative money transfer solutions. Together we are setting new standards in the industry, with the ultimate goal of redefining the customer experience and taking our services to the next level internationally. “
RippleNet Cloud enables banks and financial institutions to break away from the aging and expensive legacy on-premise infrastructure and use the flexibility, speed and resilience of cloud computing without the burden of hardware management.
Adrian Yap, Chief Executive Officer of MoneyMatch, commented, “We are excited to partner with Al Ansari Exchange and look forward to supporting them and advancing their Malaysian ringgit transactions to Malaysia. The synergies that this partnership will unleash promising and we look forward to a long and fruitful business relationship between both parties. We hope that the Malaysians who work in the UAE will also support us and try the service. “
Navin Gupta, Managing Director, South Asia and MENA, Ripple said, “Al Ansari is one of the largest and longest-running exchanges in the region, focused on expanding its network and developing its offerings to serve its customers offering best financial services to customers. We see this partnership with MoneyMatch as a continuation of that ethos and we look forward to working with you to improve cross-border payments in key remittance corridors with RippleNet Cloud. “
Ripple has rapidly expanded its presence in the Middle East. Earlier this month it was officially announced that the Qatar National Bank (QNB) was planning to launch a remittance platform based on Ripple blockchain technology.
In May, Oman’s second largest bank, BankDhofar, became the first bank in Omar to join Ripple’s global payments network. The purpose is to connect with India’s IndusInd Bank to enable real-time payments to India. This partnership enables cross-border transactions via the BankDhofar Mobile Banking App.
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