Ripple Powers Launches UAE-Pakistan First-of-Its-Kind Payment Corridor

The technology developed by Ripple will be used to deliver fast remittances between the UAE and Pakistan. In order to build a remittance corridor, Bank Alfalah, one of Pakistan's largest private banks, has partnered with LuLu Exchange, an Abu Dhabi-based remittance and foreign exchange firm.

The RippleNet Cloud service will be used to facilitate payments between the two nations. LuLu Exchange also created remittance lanes to India and Egypt earlier this year. Pakistanis make up about 12.5 percent of the population of the United Arab Emirates. Pakistan's second-largest source of remittances comes from the UAE.

According to Bank Alfalah CEO Atif Bajwa, Ripple aids in the strengthening of financial bridges between the two countries:

The collaboration with RippleNet will help us enhance our relationship with Lulu Exchange and the financial links between Pakistanis in the UAE and their family back home.

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