Money transfer company Al Fardan Exchange is starting to work with blockchain technology firm Ripple to perform real-time money transfers to attract new customers and grow their business offerings. With the news, the altcoin price rose during the day.
Ripple partners with Al Fardan Exchange
Ripple said on Tuesday that the partnership will allow Al Fardan’s customers to send money internationally in real time. Al Fardan will join Ripple’s cloud-based global financial network, RippleNet Cloud, allowing financial institutions to move away from aging and expensive legacy infrastructure and embrace the flexibility, speed and resilience of cloud computing without the burden of hardware management. On the subject, Hasan Al Fardan, CEO of Al Fardan Exchange, made the following statement:
We are moving towards a digital future and payments powered by technology that has become key in the region. This partnership underscores our commitment to providing new channels and opportunities for people to send money with greater flexibility and convenience.
Money exchange providers are increasingly partnering with FinTechs to serve customers who now rely on the convenience of mobile apps to send money instead of visiting physical branches. The World Bank said in November that remittances to poor and middle-income countries will increase by 7.3% to $589 billion in 2021. Navin Gupta, general manager of RippleNet, South Asia and Mena, comments:
We are proud of the partnership to leverage blockchain technology to revolutionize cross-border payments and the booming payment industry in the UAE and the Middle East.
The company says the partnership will enable more customers to enjoy instant cross-border money transfer services through Al Fardan Exchange’s touchpoints. Hasan Al Fardan stated in an interview in December:
As we see our global processing and clearing capabilities linked to digital technologies, we will continue to engage with FinTechs, which are opening up new customer segments.