UAE Based Money Transfer Firm Announces Partnership With Ripplenet

UAE Based Money Transfer Firm Announces Partnership With Ripplenet

Al Fardan Exchange, a money transfer firm, has joined up with Ripplenet in a deal that will see the company use the Ripplenet blockchain when sending funds across national borders. Al Fardan’s Reasons for Joining Ripple

A United Arab Emirates (UAE)-based money transfer platform, Al Fardan Exchange, has partnered with Ripple in a deal in which the remittances firm will use the latter’s blockchain to send funds across borders in real-time.

According to a report in The National News, Al Fardan will become part of the Ripplenet Cloud, the blockchain firm’s cloud-based global financial network. 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. Region’s Outward Remittances Rebound

The report meanwhile notes that Al Fardan’s partnership with Ripple was announced after it was reported that the UAE, just like other countries in the Gulf Cooperation Council (GCC), had seen a rebound in their outward remittances in the past year. This recovery in the region’s outbound remittances has been attributed to stronger oil prices as well as the subsequent increase in economic activity.

In remarks following the partnership agreement announcement, Ripple’s managing director for South Asia and the Middle East North Africa (MENA) region, Navin Gupta, said:

“We are proud to partner … to leverage blockchain technology to revolutionise cross-border payments and the thriving payments industry in the UAE and the Middle East.”

Meanwhile, in its report, The National News suggests that by signing an agreement with Ripple, Al Fardan is now making good on its promise to partner with fintechs that “offer inroads into brand new customer segments.” Tags in this story Al Fardan exchange, Blockchain, Cross Border Payment, Digital Currency, Gulf Cooperation Council (GCC), national remittances, Ripplenet

What are your thoughts on this story? Tell us what you think in the comments section below. Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Report: Google Launches Blockchain Division BLOCKCHAIN | 3 days ago World’s Largest Asset Manager Blackrock Files for Blockchain Tech ETF BLOCKCHAIN | 5 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleVCCESS Set to Power Play-to-Earn Gaming Space With New Lynx Platform Built on Hedera’s Hashgraph Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItMad Money"s Jim Cramer Warns About Dogecoin — Says DOGE Is a Security, SEC Will Regulate

The host of Mad Money, Jim Cramer, has warned about dogecoin (DOGE). He said that the meme cryptocurrency is a security and will be regulated. He also questioned the supply of dogecoin. Jim Cramer"s Dogecoin Warning Jim Cramer, the host ... read more.JPMorgan: Ethereum Losing Ground to Other Crypto in NFT Market Due to High Transaction Fees, Congestion Report: A16z to Raise $4.5 Billion for Crypto Investments NYC Mayor Eric Adams Converts First Paycheck to Bitcoin and Ether via Coinbase Bitcoin Price Slips Below $36K, BTC Dominance Increases, Billions Leave Crypto Economy