Ripple (XRP) Partners with UAE-based Foreign Exchange Company Al Ansari Exchange

Ripple (XRP) has partnered with Al Ansari Exchange, a Dubai-headquartered foreign exchange and money transfer company, according to a statement.

Within the scope of the partnership, RippleNet Cloud will be used to create a remittance corridor between the UAE (United Arab Emirates) and Malaysia.

Transfers via An Ansari Exchange will be received by MoneyMatch, a Malaysia-based fintech startup.

Thanks to Ripple’s Cloud service, Malaysian-origin workers operating in the UAE will be able to send payments to their families in Malaysia within seconds.

Al Ansari Exchange will initially allow remittances to be sent to Malaysian Ringgit. It is planned to add Australian dollars and Brunei dollars to payments later.

Ripple Navin Gupta said that Al Ansari Exchange is one of the longest-running exchanges in the MENA region:

“Al Ansari is one of the longest-running exchanges in the region, focused on expanding their network and developing new offerings to provide the best financial service to their customers”

We see this partnership with MoneyMarch as part of that vision. We are extremely excited to partner with RippleNet Cloud to improve cross-border payments.”

For Ripple, the UAE is one of the most important markets. The company also opened a regional headquarters in Dubai last November.

Leave a Reply

Your email address will not be published. Required fields are marked *