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Ripple Partners with UAE-Based Foreign Exchange Company

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Wed, 10/20/2021 - 14:56
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Alex Dovbnya
Ripple has expanded its presence in the MENA region by partnering with Al Ansari Exchange
Ripple Partners with UAE-Based Foreign Exchange Company
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Distributed ledger company Ripple has scored a partnership with Al Ansari Exchange, a Dubai-based money transfer and foreign exchange company, according to a Wednesday announcement.

The latter will utilize RippleNet Cloud in order to establish a remittance corridor between the UAE and Malaysia.

Payments sent via Al Ansari Exchange will be received by MoneyMatch, a Malaysian fintech startup.

Because of Ripple's cloud solution, Malaysian workers who reside in the UAE will be able to send near-instant payments back home.

Initially, Al Ansari Exchange will allow the sending of remittances to the Malaysian Ringgit. It also wants to add the Australian dollar and the Brunei dollar later on.

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Ripple's Navin Gupta has noted that Al Ansari Exchange is one of the "longest-standing" exchanges in the MENA region:

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.

The UAE has been one of the leading markets for Ripple. Last November, the company opened a regional headquarters in Dubai.

In May, Ripple also announced a deal with the National Bank of Egypt.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.