Al Fardan Exchange, a money transfer company located in the United Arab Emirates (UAE), has teamed up with Ripple. In this partnership, the remittance firm uses the latter’s blockchain to send payments across countries in real-time.
According to a report in The National News, Al Fardan will join the Ripplenet Cloud, the blockchain firm’s cloud-based global financial network. In his remarks following the announcement of the arrangement, Hasan Al Fardan, the money transfer firm’s chief executive, explained why his organisation entered into this cooperation in his remarks.
Meanwhile, according to the sources, Al Fardan’s cooperation with Ripple was revealed after it was reported that the UAE, like other Gulf Cooperation Council (GCC) nations, had experienced an increase in outgoing remittances in the previous year. The increase in outbound remittances in the region has been attributed to higher oil prices and the resulting boost in economic activity.
Meanwhile, The National News claims that by signing an agreement with Ripple, Al Fardan is now fulfilling its promise to partner with fintechs that “offer inroads into brand new customer segments.”
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