A recently published press release states that Al Fardan Exchange LLC, which is one of the partners of Ripple Labs fintech giant, has teamed up with another behemoth, though it is from the conventional financial industry – banking juggernaut J.P. Morgan.
Al Fardan Exchange is a major firm for money transfer and currency exchange in the UAE and is licensed and regulated by the country's central bank. The two companies will together offer their customers value transfers conducted in a record short period of time.
Al Fardan Exchange has been cooperating with Ripple since January 2022.
🔥 JUST IN: Ripple partner Al Fardan Exchange L.L.C collaborates with global leader J.P. Morgan in regional firsthttps://t.co/Nex7hSOUcD #xrp $xrp #XRPCommunity #crypto #blockchain pic.twitter.com/fvzps5v6wl
— Cryptic Poet (@1CrypticPoet) December 6, 2022
Ripple partner teams up with J.P. Morgan
This partnership between Al Fardan Exchange and the renowned global bank will enable customers to transact in major global fiat currencies, and smaller ones too – the USD, GBP, EUR and South African Rand, (ZAR) to cut a long list very short.
Aside from that, customers in the UAE will be able to process faster and more reliable financial transfers. Per the chief executive of Al Fardan Exchange, Hasan Fardan Al Fardan, the company's collaboration with global banking giant J.P. Morgan has now been recognized as the advancement of the whole nation in the AML/CFT sphere and is now attracting major global players from the financial industry to return to the UAE market.
Yuri MolchanAl Fardan Exchange has recently celebrated its 50th anniversary in the market. Recently, it relaunched its mobile application, AlfaPay. Besides, now the company offers customers "a branch in their pocket," which would enable them to make seamless and secure transactions, including remittances and paying bills.
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin