Money transfer companies from the United Arab Emirates announces partnership with Ripplenet - Blockchain
Money transfer companies from the United Arab Emirates announces partnership with Ripplenet - Blockchain
al Fardan Exchange, a money transfer company, has joined Ripplenet into a deal that provides for the company to use the Ripplenet blockchain when it sends funds across national borders.
al Fardan's reasons for joining Ripple
A money transfer platform, Al Fardan Exchange in the United Arab Emirates (VAE), has received a partnership in a business in a business where the transfer company uses its blockchain to send money across borders in real time.
according to A Test report In the National News, Al Fardan becomes part of the Ripplenet Cloud, the cloud-based global financial network of the blockchain company. In his comments after the agreement was announced, the managing director of the money transfer company, Hasan Al Fardan, explained why his company received this partnership. He said:
We are in the middle of a digital future and payments based on technology that is becoming increasingly important in the region. This partnership underlines our commitment, to offer people new channels and opportunities to transfer money more safely, more flexibly and more conveniently.
foreign transfers in the region relax
The report meanwhile states that Al Fardan's partnership with Ripple was announced after reporting that the VAE, just like other countries on the Golf Cooperation Council (GCC), had experienced a recovery of its foreign transfers last year. This recovery in the region's foreign transfers was attributed to the stronger oil prices and the subsequent increase in economic activity.
In comments after the announcement of the partnership agreement, Ripplenavin Gupta, Managing Director for South Asia and the Middle East and North Africa (Mena) region, said:
"We are proud to be a partner ... to use blockchain technology to revolutionize the cross-border payment transactions and the flourishing payment industry in the United Arab Emirates and in the Middle East."
Meanwhile, The National News suggests in his report to sign an agreement with Ripplölt Al Fardan his promise to work with FinTechs that "offer access to brand new customer segments".
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