Ripple is expanding into Morocco as Thunes, a global cross-border payments company, has formed a strategic collaboration with Attijariwafa bank, one of the biggest banks in Morocco and Africa.
This partnership is significant since Ripple and its remittance platform, RippleNet, connects Thunes to Attijariwafa Bank. Customers of Attijariwafa Bank will be able to receive cross-border transfers initiated through the Thunes network more quickly thanks to the connection between RippleNet and Thunes.
According to a Thunes news release, "the collaboration will also enable any of the nearly 30 million bank account owners in Morocco to receive inbound payments directly to their accounts." The local clearing can also be used to connect with customers of other Moroccan banks.
Brooks Entwistle, MD of APAC and MENA at Ripple, said, "We are thrilled to announce this extension to our existing partnership with Thunes, and together we look forward to providing a faster, cost-effective, and more transparent cross-border payments experience for customers in Morocco and the greater MENA region."
Ripple shortlisted for BIS and Bank of Indonesia CBDC challenge
We're excited to be shortlisted in the @BIS_org and @bank_indonesia G20 challenge for our CBDC solution! 90% of central banks are exploring CBDCs – and we know their potential to advance financial inclusion, and the hurdles to adopting them. https://t.co/aPvlBI23ea— Ripple (@Ripple) July 13, 2022
The Bank for International Settlements (BIS) and Bank Indonesia, under the Indonesian G20 Presidency, have announced the shortlisted finalists for the G20 TechSprint challenge on central bank digital currencies (CBDCs).
The problem statements prompted participants to come up with ideas to build effective and robust means to issue, distribute and transfer CBDCs; to enable financial inclusion; improve interoperability and to better connect payment systems.
Alongside major corporations like Mastercard, Asia Pacific, Dragonfly and Ripple have been selected as one of the 21 finalists in team building an effective and robust means to issue, distribute and transfer CBDCs.