RippleNet, the blockchain network developed by crypto startup, Ripple, has on-boarded the National Bank of Fujairah (NBF), a Dubai-based bank that specializes in providing corporate and commercial banking services for cross-border payments.
The development which was revealed in a magazine dubbed Entrepreneur Middle East notably aligns with NBF’s digital strategy which is said to be currently directed towards blockchain technology, digital banking applications, and Robotics Process Automation (RPA).
Starting with Ripple, the bank believes it has demonstrated its intent to adopt digital innovation by leveraging on the advancement in blockchain technology to enhance its banking services.
“With the mass spreading of Blockchain Technology, NBF is utilizing the benefits of Ripple-Net to provide a frictionless experience for sending and receiving money globally and is working with other banks to implement Ripple in 2019,” the report reads.
Meanwhile, the latest deal means Ripple has continued to seal partnerships with banks globally who are searching for an alternative to the existing slow financial system.
The startup’s decision to position itself as a blockchain entity dedicated to improving existing financial establishments has so far paid off with notable partnerships including with payment giant, MoneyGram, happening in recent months.
Ripple has also been making sharp attempts in the Middle East and North Africa (MENA) region for some time now since these regions are quite favorable to for many financial service providers. A recent report from the World Bank confirmed that the remittance to the Middle East and North Africa surged by 9% to $62 billion in 2018, and is expected to continue increasing.
In February too, Banks in Saudi Arabia and the United Arab Emirates (UAE) showed interest in a project dubbed “Aber,” to facilitate transactions and settlements between both countries.