Ripple has once again taken a giant leap by introducing a new ODL service in UAE in partnership with blockchain-based fintech Pyypl.
This is the company’s second initiative in the Middle East after announcing a partnership with UAE-based Al Ansari Exchange.
As part of its new initiative, RippleNet will deploy its On-Demand Liquidity service in the Middle East to facilitate fast and cost-effective money transfers via XRP. The companies will establish a remittance corridor between the countries in the Middle East and the Philippines.
According to Ripple, the Middle East and North Africa (MENA) region boasts one of the top remittance markets in the world. The UAE and Saudi Arabia alone handled a combined $78 billion as remittances in 2020.
The company will first introduce the services in the UAE before introducing them in the MENA area in the near future.
Brooks Entwistle, Managing Director of RippleNet in APAC and MENA, noted:
“MENA continues to be a critical region for Ripple thanks to our outstanding roster of customers, a welcoming regulatory environment, and a regional focus on the needed improvements in the current financial system.
The establishment of yet another first-in-market ODL launch demonstrates the understanding that digital assets will play a central role in the future of global payments.”