Remittance company Al Fardan Exchange is considering partnering with Ripplenet to use the Ripplenet blockchain for cross-border remittances. Why AlFardan joined Ripple Al Fardan Exchange, a United Arab Emirates (UAE) -based remittance platform, has partnered with Ripple to reach an agreement that remittance companies will use Ripple’s blockchain to transfer funds in real time across borders. did. According to a report from The National News, Al Fardan will be part of Ripplenet Cloud, a cloud-based global financial network for blockchain companies. In his comments after the announcement of the agreement, Hasan Al Fardan, CEO of the money transfer company, explained why his company entered into this partnership. He states: We are in the midst of the digital future and are paying with technology that is becoming more and more important in the region. This partnership underscores our commitment to provide people with new channels and ways to send money in a safer, more flexible and more convenient way. Regional foreign remittances are recovering Meanwhile, the report notes that the partnership between AlFardan and Ripple has been announced following reports that the UAE, like other countries in the Gulf Cooperation Council (GCC), has recovered remittances over the past year. doing. The recovery in remittances in the region was due to rising oil prices and subsequent recovery in economic activity.
The company worked with Ripplenet on a transaction that would use the Ripplenet blockchain to send funds across borders.
Why AlFardan joined Ripple
Al Fardan Exchange, a United Arab Emirates (UAE) -based remittance platform, has partnered with Ripple to reach an agreement that remittance companies will use Ripple’s blockchain to transfer funds in real time across borders. did. According to a report from The National News, Al Fardan will be part of Ripplenet Cloud, a cloud-based global financial network for blockchain companies. In his comments after the announcement of the agreement, Hasan Al Fardan, CEO of the money transfer company, explained why his company entered into this partnership. He states:
We are in the midst of the digital future and are paying with technology that is becoming more and more important in the region. This partnership underscores our commitment to provide people with new channels and ways to send money in a safer, more flexible and more convenient way. Regional
foreign remittances are recovering
Meanwhile, the report notes that the partnership between AlFardan and Ripple has been announced following reports that the UAE, like other countries in the Gulf Cooperation Council (GCC), has recovered remittances over the past year. doing. The recovery in remittances in the region was due to rising oil prices and subsequent recovery in economic activity. In a statement after the announcement of the
partnership agreement, Navin Gupta, Managing Director of Ripple’s South Asia and Middle East and North Africa (MENA) regions, said: Cross-border … Payment and the prosperous payment industry in the UAE and the Middle East.
Meanwhile, in its report, AlFardan “provides access to a brand new customer segment” by signing a contract with Ripple fintechs.
