Ripple launches a low-cost rapid payment solution for the Middle East and North Africa (MENA).

RippleNet, a blockchain cross-border payment network, has unveiled the Middle East and North Africa region's first-ever On-Demand Liquidity (ODL) solution in collaboration with Pyypl. The cooperation, according to a news release, intends to provide quick, low-cost remittances to the region, with a trial project in the United Arab Emirates (UAE).


Ripple hopes to alleviate the problems associated with conventional remittances, which are notoriously delayed and expensive. The business intends to take advantage of the market's massive remittance size, which is expected to reach $78 billion in 2020 for Saudi Arabia and the United Arab Emirates combined.

"Thanks to our exceptional roster of clients, a friendly regulatory climate, and a regional emphasis on the essential reforms in the present financial system, MENA continues to be a vital market for Ripple," said Brooks Entwistle, Managing Director of RippleNet in APAC and MENA.

Ripple is also expanding on the Pyypl ODL framework, which was initially introduced in the Philippines, in order to identify new applications. Financial institutions and small and medium businesses may use ODL to access into previously stranded, pre-funded funds to develop their businesses, according to the corporations.

Ripple's native cryptocurrency, XRP, will not be kept in the UAE, and transactions will not include the local AED currency.

Ripple's development across the Middle East and Asia

Ripple created a new regional headquarters in Dubai in 2020, which prompted this development. The location has allowed the firm to establish a footprint in the area. Ripple has recently escalated the use of its technology to facilitate low-cost cross-border payments. Ripple, for example, introduced cross-border payments utilizing XRP across Asia in collaboration with Malaysia-based cross-border payments operator Tranglo.

This comes after Ripple purchased a 40% share in Tranglo in March as part of its Southeast Asia development ambitions for RippleNet.

Share:

No comments:

Post a Comment

Note: only a member of this blog may post a comment.

Hot Topic

CEO of Messari: "Bear Markets Are Good for Cleaning House."

 Although most of the crypto industry has had a difficult winter, Messari CEO Ryan Selkis believes that a little austerity will be good for ...

counter, at the bottom of the page, in a table, div or under a menu.