Ripple announced yesterday that Al Ansari Exchange, a UAE-based foreign exchange and global money transfer company, has joined RippleNet, Ripple’s global cloud-based financial network technology.
In an official announcement, Ripple mentioned that Al Ansari Exchange will connect with leading money transfer technology company MoneyMatch to provide same-day remittances to Malaysia through RippleNet Cloud.
Ripple outlined that the mentioned service will initially facilitate transfers in Malaysian Ringgit (MYR), with plans to support the Brunei dollar (BND) and the Australian dollar (AUD) in the future. The latest announcement from Ripple came nearly 2 months after Global Money Express (GME Remittance) announced that the company has joined RippleNet.
RippleNet Cloud is one of the most popular services of Ripple. It enables banks and financial institutions to move away from aging infrastructure, and embrace the flexibility, speed and resilience of cloud computing. The adoption of RippleNet has increased significantly since the start of 2021.
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Commenting on the recent announcement, Navin Gupta, Managing Director of South Asia and MENA at Ripple, said: “Al Ansari is one of the largest and longest-standing exchanges in the region, focused on expanding their network and evolving their offerings to provide the best financial services to their customers. We view this partnership with MoneyMatch as a continuation of that ethos, and we’re excited to be partnering with them to improve cross-border payments in key remittance corridors with RippleNet Cloud.”
Ripple and Cross-Border Payments
RippleNet has gained popularity among financial institutions around the world because of its speed and cost-effective nature. Earlier this year, Dubai’s Lulu Exchange and the National Bank of Egypt connected through RippleNet.
“RippleNet leverages blockchain technology to help partners across a global network accelerate their business performance and scale. It delivers a superior end-customer experience, simplified network partnering, liquidity management solutions, lines of credit, and state-of-the-art infrastructure that enable real-time payments,” Ripple mentioned in the official press release.
