RIPPLE/XRP ROLLED OUT IN THE MIDDLE EAST
The payment company Ripple has managed to spread its network throughout the world despite the lawsuit. This is because of the unique features that it offers and the banks and financial institutions are teaming up with Ripple without any doubt. Among the partnerships, Middle East and Asia are on the top and once again Ripple scored another major partnership in the Middle East.
Ripple has announced that it would be partnering with international fintech company Pyypl in order to deploy the first in-market On-Demand Liquidity (ODL) services for cross border payments between Middle East and the Philippines, using XRP.
Ripple offers the fastest, cheapest, secure and most stable cross border payments. This feature attracts the countries with a major remittance rate and they adopt Ripple and its technology for their ease. According to Ripple, the UAE and Saudi Arabia together sent around $78 billion in remittances last year. The MENA or Middle East and North African region contains two of the world’s top three remittance corridors. Ripple and Pyypl’s project will start in the UAE.
Pyypl, the international blockchain-based financial services technology company in the Middle East and Africa. This launch of the RippleNet's ODL is the first-ever On-Demand Liquidity (ODL) deployment in the Middle East,
According to the blog post by Ripple,
“Ripple was the first enterprise company to leverage crypto to tackle the trillion-dollar challenges with cross-border payments. By using ODL, financial institutions and Small- and Medium-Sized Enterprises (SMEs) can now leverage previously trapped, pre-funded capital to grow and scale their business.”
A point worth noting here is that Ripple’s XRP will not be held in the UAE. Neither will the country’s United Arab Emirates dirham [AED] be part of the payment flow. Pyypl on the other hand stated that its goal is to eliminate consumers' reliance on "expensive pre-funded accounts" that are required for cross-border transfers in the region.
Co-Founder and CEO of Pyypl, Antti Arponen, said,
“We’re excited to be Ripple’s first partner of choice to bring the deployment of ODL to the Middle East. This enables our ever-increasing number of users to deliver remittances instantly and cost-effectively. We’ve also reduced our inefficient use of capital through ODL, and look forward to an exciting rollout of its capabilities across the region.”
#XRP #Ripple
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