Ripple Expands to the Middle East, Now Partner With The National Bank of Fujairah
Ripple and the National Bank of Fujairah (NBF) based in Dubai have partnered, allowing Ripple to expand in the Middle East.
Ripple seems to continue its expansion across not just financial institutions, but also banks from all over the world. The collaboration between Ripple and NBF is mutually beneficial, as it gives the bank an edge over its competitors now that it has a blockchain technology. Meanwhile, Ripple can increase local financial activities, and since it is the cheapest network for payments between countries, it has extra advantages.
The Dubai-based bank is specialized in offering corporate and commercial banking services for payments across the border. Moreover, NBF already has a digital strategy, focusing on not just blockchain technology, but also digital banking applications, and Robotics Process Automation (RPA).
Ripple to Become the Top Global Payment Solution
According to this article in Entrepreneur Middle East, these are NFB’s goals:
“Blockchain technology, digital banking applications as well as Robotics Process Automation [RPA] have been focal points in the NFB’s digital strategy. Therefore, with the mass spreading of Blockchain Technology, NBF is utilizing the benefits of Ripple-Net to provide a frictionless experience for sending and receiving money globally and is working with other banks to implement Ripple in 2019.”
NBF also collaborates with other banks to implement Ripple this year.
Since Ripple got launched, it has become partners with more than 100 banking clients, including 15 of the top 50 banks in the world. Among them, it’s worth mentioning Accenture Ventures, National Commercial Bank (NCB) of Saudi Arabia, SBI Holdings, SCB Digital Ventures, and Standard Chartered.
This week, Ripple also partnered with two leading banks – Peru’s Interbank (founded in 1897) and UK’s Vitesse (founded in 2013). On their website, they also added a list with active users, including companies like MoneyGram, TransferGo, goLance, InstaReM, SendFriend, and Mercury FX.
The payment network keeps on expanding, and it is not long before we see Ripple becoming the top global payment solution.