Ripple Partners With UAE Based Money Transfer Firm

January 28, 2022 7:24 pm

Al Fardan Exchange, a money transfer firm, has recently announced a new partnership with Ripple that will allow the firm to be able to send money across international borders using Ripple’s blockchain network.

By using the Ripple network, the money transfer firm will be able to send digital transactions outside of the UAE in real time and showcases the region’s open policy towards utilizing the blockchain industry in efforts to be a future cryptocurrency hub.

Al Fardan will become a part of the Ripplenet Cloud which is Ripple’s cloud-based global financial network.

Bitcoin.com reports:

In his comments following an announcement of the agreement, the money transfer firm’s chief executive, Hasan Al Fardan, explained why his company went into this partnership. He said:

We are well into a digital future and payments powered by technology, which is becoming key in the region.

This partnership underscores our commitment to offering new channels and opportunities for people to remit money more securely, with more flexibility and convenience.

In recent times, the UAE has been reported to have experienced a rebound in remittances that can be attributed to the rebound in the oil prices, especially when compared to the oil crash that happened during the height of the pandemic.

As a result of this rebound in the country’s prominent oil industry, a lot more economic activity has been observed within the region.

A switch to focusing on emerging technologies like blockchain would allow the country to help facilitate the increased economic activity and fuel future economic growth.

Ripple’s Managing Director for South Asia and the Middle East and North Africa (MENA) region mentioned that the company is pleased that Al Fardan has chosen them to continue to revolutionize and modernize the way digital payments are made.

Public.uk.com shares the director’s comments:

“We’re proud to spouse … to leverage blockchain generation to revolutionise cross-border bills and the thriving bills trade within the UAE and the Center East.”

In the meantime, in its document, The Nationwide Information means that via signing an settlement with Ripple, Al Fardan is now making just right on its promise to spouse with fintechs that “be offering inroads into logo new buyer segments.”

This is not the first time firms in UAE have collaborated with major blockchain firms like Ripple.

The country has been developing a set of regulatory frameworks for a while now and aims to guide crypto firms on how to do business in accordance with the local laws.

Other major crypto businesses that have setup a presence within the UAE include Binance which has partnered with the government to assist crypto exchanges and businesses on getting licenses in Dubai.

Ripple’s new partnership with a major firm in the UAE will allow the Ripple company to continue to expand its network across the globe and will set the framework for more adoption as the practical use cases of XRP are demonstrated in real time.

The company has stated that they have continued to grow and has recently reached a record $15 billion valuation despite the SEC lawsuit that continues to persist.

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