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UAE money transfer firm Al Fardan joins RippleNet

Posted on by admin
28
Jan
  • Al Fardan has become a member of RippleNet Cloud as it seeks to get an edge in the UAE remittances market which has rebounded strongly.
  • Ripple says that it’s proud to partner with the firm and revolutionize cross-border payments in the Middle East.

Despite being clouded in the SEC lawsuit debacle, Ripple is still making strategic moves in its core business line – enabling the cheap and fast cross-border transfer of value. The latest to join the Ripple family is Al Fardan, a UAE-based funds transfer service that will rely on RippleNet to offer cheap transfers into and out of the Middle Eastern nation.

As reported by local outlet National News, Al Fardan announced the partnership this week, saying it will enable it to offer real-time international money remittance.

Al Fardan joins RIppleNet Cloud, a service by the California-based blockchain company allowing financial institutions to integrate the speed, resilience, and flexibility of cloud computing without the burden of hardware management, it said.

Hasan Al Fardan, the CEO and founder, commented:

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 offer new channels and opportunities for people to remit money more securely, with more flexibility and convenience.

Ripple, on its part, is proud of the partnership as it will allow the company to grow its presence in the remittance industry and expand its services in the Middle Eastern region.

Commenting on the partnership, Navin Gupta, the managing director of RippleNet for South Asia and MENA stated:

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.

For Al Fardan, the partnership will allow it to get an edge in a remittance industry that’s quickly rebounding after being wrecked by the COVID-19 pandemic. Personal outward remittances from the UAE increased by 8.7 percent, or Dh3.6 billion ($980 million) in the second quarter of 2021 according to data by the Central Bank of UAE. Al Fardan has pledged in recent times to partner with more fintech firms to expand its presence in the sector.

As Ripple makes new partnerships, the SEC lawsuit cloud is still hanging over its future. The case has seen very few developments in recent months, with the SEC striking at Ripple’s fair notice defense by quoting a similar case as precedent.

Read More: SEC makes surprise move on Ripple but analysts say XRP is set for up to 44% surge this month

Unfazed, Ripple has continued developing its platform and striking new partnerships. Just weeks ago, it enabled NFT functionalities on the XRP Ledger.

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