Distributed Ledger company Ripple Inc, has announced a collaboration with Al Ansari Exchange, a UAE-based FX, and worldwide transfer company.
The firm stated that it selected RippleNet Cloud to enable cross-border remittances to Maylasia using. The cross-border payment will be possible using Malaysian fintech startup MoneyMatch.
The collaboration means that Malaysians who live in the UAE can now send almost instant payment to their loved ones back home through Ripple’s cloud solution.
Facilitating Speedy Cross-Border Remittances
The deal will allow users to send remittances in Malaysian Ringgit. However, Al Ansari Exchange plans to provide more currency options such as the Brunei dollar or Australian dollar in the future.
Ripple praised the collaboration, with Ripple’s Managing Director Navin Gupta saying the company’s new partner is one of the most reputable exchanges in the MENA region.
The exchange recently embarked on a move to expand its offerings within and beyond the region. According to Al Ansan Exchange, it wants to offer the best financial services to its customers by evolving its offerings.
“We view this partnership with MoneyMatch as a continuation of that ethos,” the company added.
Al Ansari added that the firm is looking forward to an exciting relationship with Ripple as they try to provide cross-border payment solutions across the region.
Ripple has also been looking to expand its operations, but the UAE has been one of the top markets of the company. In November 2021, the firm expanded its operations in Dubai by opening a regional headquarters in the region.
Ripple Expands Operations Globally
Apart from Asia, Ripple is also gradually expanding its operations to Africa. In May this year, the company signed a partnership deal with the National Bank of Egypt.
And in August, Ripple announced that it has collaborated with Global Money Express (GME) Remittance. The firm stated that it was part of its move to strengthen its operational offerings and give users more options.
As one of the most notable services of Ripple, RippleNet Cloud offers a way for financial institutions to embrace the resilience, speed, and flexibility of cloud computing. With more other partnerships underway, Ripple has increased the adoption of RippleNet as more users embrace the simplicity the platform provides.
Ripple’s cost-effective nature has given it popularity among financial institutions around the world. It utilizes blockchain technology to help its partners speed up their business performance. Ripple offers liquidity management solutions, simplified network partnering, and a world-class end-customer experience.