RippleNet network in UAE is growing at an exponential pace. Ripple and National Bank of Fujairah (NBF) have entered into a collaboration to provide more FinTec services to the bank’s customers. The partnership will see the NBF join the powerful RippleNet Network and offer its clients instantaneous, secure, and affordable transactions.
RippleNet Network is powering global cross-border transactions. It aims to empower the migrants across the world by offering them seamlessly, instantaneous transactions. The Dubai based bank will leverage on the blockchain firm’s expertise in international transactions, especially for the migrant community.
National Bank of Fujairah to add value to RippleNet network in UAE
The collaboration between Ripple and the National Bank of Fujairah will offer the customers a whole range of innovative FinTec solutions. Their goal is to implement digitization for everyday banking services. The chief executive officer of the bank, Vince Cook, adds that innovative technologies must be integrated into the banking services to offer more value to the customers.
Rampant digitization means that disruptive financial innovations must be carefully and strategically added to conventional offerings. Blockchain-based RippleNet network in UAE allows seamless management of cross-border payments. It allows migrants to send money back home safely, at low cost and fast. The frictionless method offers high security, ensuring the money reaches in desired hands with no failed transactions.
Cook says that the bank has always been at the forefront of technological integration, offering its customers the latest banking and remittance solutions for its institutional and retail banking needs. In 2019, the bank joined the Marco Polo blockchain network.
RippleNet network in UAE expanding to tap into the migrant community
The Ripple and National Bank of Fujairah partnership will target the growing Indian migrant community. As per reports, the Indian migrant community sends home a staggering $80 Billion in remittances back home to their families. RippleNet network in UAE has partnered with many other local banks to grab more share of this growing market.
MoneyGram, a member of RippleNet, partnered with EbixCash to increase its presence in the UAE remittance market.
Featured Image by Twenty20