Ripple and its blockhain are thriving in the United Arab Emirates and the Gulf region. Ripple is growing at an unbelievable rate and yet another financial institution has said that they are adopting Ripple’s blockchain payment solutions.
Navin Gupta (Managing Director, South Asia and MENA at Ripple) tweeted that Bank of Dhofar has gone live on RippleNet. His exact tweet read:
“Congratulations! to Bank Dhofar – Live on Ripplenet. Now Non Resident Indians (NRIs) living in Oman can App money back home in real-time. #bankdhofar #ripplenet @Ripple”
Bank of Dhofar is the first financial institution in the Sultanate as well as the region to allow international and instant transfers via mobile banking. With their mobile banking app, NRIs can now send money to India in under 120 seconds.
The announcement states that the bank is thrilled to join Ripple’s global enterprise blockchain network: RippleNet. It also mentioned, “Ripple’s leading blockchain solution for cross-border payments, including its bi-directional messaging and instant settlement features, enables Bank of Dhofar to save customers’ time when sending payments overseas, using BankDhofar mobile banking app.”
The bank and Ripple first aligned themselves with each other in May of last year and Dr. Tariq Taha, the Chief Information Office of Bank of Dhofar said:
“With this, we can provide instant, frictionless and secure cross-border money transfers within seconds, with end-to-end visibility over the journey of the payment.”
It was evident that the Bank of Dhofar intended to help save customers’ time and money with this association but that they were not clear on what technology they would be used, the xCurrent or xRapid.
Ripple has over 200 partnerships wit banks and financial institutions globally and some are with central banks. Ripple hopes to develop an international network of institutions on RippleNet utilising Ripple’s blockchain technology like xRapid, xVia and xCurrent.
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