Ripple expands network in middle-east as Al Ansari joins Ripple Net
Ripple announced on the 20th that the United Arab Emirates (UAE) -based international money transfer company Al Ansari Exchange has joined Ripple Net. The announcement came as the Qatar National Bank also announced its participation with Ripple on the 4th of this month.
As per the official announcement, Al Ansari Exchange will leverage Ripple’s cloud-based financial network technology Ripple Net Cloud, to enable same-day remittance transfer to Malaysia.
The exchange has announced the initiative in collaboration with Malaysia’s remittance technology company MoneyMatch.
Rashid Al Ansari, Chief Executive Officer of Al Ansari Exchange, explained:
“Adopting this technology on the cloud via our partnership with Ripple and MoneyMatch is in line with our commitment to provide our customers with more flexible, faster, safer and more innovative money transfer solutions.”
Ripple explained that the transactions would initially be available in Malaysian Ringgit (MYR), with the additional support of Brunei dollar (BND) and the Australian dollar (AUD) added in the future.
On the 4th of this month, the Qatar National Bank (QNB) also announced that it would join Ripple Net. QNB is currently the largest bank in the Middle East and Africa, with traces in over 31 countries via its subsidiaries and affiliated companies.
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