Ripple has announced a partnership with Oman bank BankDhofar, and will now deliver the first real-time payments between Oman and Indian citizens using its RippleNet. Customers of the Middle-Eastern bank can now send real-time payments to Pune-based IndusInd accounts as well as connect and benefit from cross-border payments.
BankDhofar is Oman’s second-largest bank and the latest Asian bank to partner with Ripple to launch a mobile banking solution on RippleNet’s decentralized network. Abu Baker Karim Al Balushi, Head of Digital Banking at BankDhofar, after the announcement, said that BankDhofar is ready to expand its services at a faster and more efficient rate and the latest partnership with ripple shows how committed they are to grab a piece of the decentralized ecosystem.
Abu Baker Karim Al Balushi added that BankDhofar will have access to the leading Indian private sector bank Indusland Bank to provide real-time cross-border payments as well as push its plans to become a more digital bank further thanks to this partnership. “At BankDhofar, we are always putting digital solutions and innovation at the core of our strategy to improve the experience of our customers. This service will enable BankDhofar to be in a leading position to offer a range of new products and instant payment services. We look forward to activating the service to other countries across the world,” he stated.
BankDhofar customers per the initial service in its mobile payment solution will be able to send and receive up to 1,000 rials ($2,600) to accounts in India, according to Ripple. Ripple also stated that India is the world’s largest receiver of remittances, citing third-party data, adding that its services across the globe are growing.
RippleNet is growing and is now famous for its blockchain decentralized solution which provides global traditional financial institutions with easier services than the usual mobile banking. RippleNet’s focus on Africa and Asia’s developing economies seems to be paying off as the latest partnership with Oman’s second-largest bank adds to the already long list of banks that have joined Ripple to use its RippleNet technology to expand its services.
Ripple earlier this month announced a partnership with Egypt’s largest bank, the National Bank of Egypt that will see the bank work with financial services firm LuLu International Exchange in the UAE to serve a large number of Egyptians working there. The announcement added that Ripple’s distributed ledger-based payments network the National bank of Egypt Bank and LuLu will seek to access “cheaper, quicker and more reliable” payments. Ripple revealed that Egypt is a huge remittance market and received $24 billion in 2020 alone.