Ripple Extends International Reach With Payment Solution in UAE
Ripple Labs has extended its international business links as it enters the Araban financial markets. Ripple Labs has announced a partnership with two financial institutions in the Middle East and South Asia. The partnership is set to become the first-of-its-kind and will drive development by providing a payment solution between two of the largest countries in the region, the United Arab Emirates (UAE) and Pakistan.
The payment solution is developed and built by Ripple Labs and will power fast, easy, and secure transactions between the two countries as economic activities increase between them. Ripple has taken a bold, bigger, and deeper step into the international financial scene with this partnership. Ripple will now become the third party in an international deal that will open up more opportunities for the residents of both countries to enhance their financial activities.
Details of The Partnership
The other two financial institutions involved are LuLu Exchange and Bank Alfalah. LuLu Exchange is a foreign exchange company based in Abu Dhabi while Bank Alfalah is one of the biggest banks in Pakistan. They have now partnered with Ripple to facilitate funds remittance and payments between UAE and Pakistan.
Ripple will power the deal through its product, RippleNet Cloud service. The RippleNet Cloud is a modern cloud solution built by Ripple to power global financial transactions through the faster speed of the connection between payment providers and customers through a digital-focused cloud algorithm. RippleNet Cloud service reduces the costs of operating payment systems by leveraging its existing cloud solutions that can be tailored for specific needs.
Ripple will now help about 12.5% of Pakistanis living in the UAE to facilitate remittance to Pakistan and vice-versa. Atif Bajwa, the CEO of Pakistan’s Bank Alfalah has said that Ripple’s cloud solution helps to strengthen the financial connection between Pakistan and the UAE, and improve the partnership between LuLu Exchange and Bank Alfalah.
But this is not the first time that Ripple is helping financial institutions. Earlier in November, Ripple’s cloud payment technology was adopted by the Saudi British Bank to facilitate instant transactions for its corporate clients.
Ripple Forging Ahead Despite Domestic Legal Trouble
Ripple, a US-based financial services company, has continued to forge ahead despite a running domestic battle. Ripple is locked in a legal case with the US Securities and Exchange Commission after the regulatory agency accused Ripple of offering unregistered securities for sale. The case, which has now dragged for nearly one year, is expected to reach a conclusion soon.
Ripple’s native token, XRP, suffered some dip in value after the SEC initiated legal actions against Ripple, but it recovered by a healthy margin within a few months and now trades at $1.2 after gaining 2.18% in 24 hours. With a market cap of $57 billion, XRP remains the seventh most valuable coin in the industry.
Its value is set to increase as Ripple partners with more traditional financial institutions to bring the power of blockchain technology to the world.
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