RippleNet will be used for sending instant remittances between the UAE and Pakistan
While Pakistan is developing an action plan regarding crypto regulation, its flagship bank Alfalah has signed strategic partnerships with United Arab Emirates LuLu Exchange and RippleNet.
Ripple powers first-of-its-kind payment corridor between UAE and Pakistan
Bank Alfalah is one of the largest private banks in Pakistan. And now they have partnered with LuLu Exchange, an Abu Dhabi-based foreign exchange and remittance company, to open up a remittance corridor. This Abu Dhabi-based exchange is already an important financial services provider and aims to accelerate and scale cross-border remittance payments through RippleNet.
The strategic partnership will enable money transfers between the UAE and Pakistan, making it the first payment integration for Pakistan-based Alfalah. This will allow a large segment – almost 15% – of the Pakistani population in the United Arab Emirates to make quick, cost-effective money transfers.
“As per their expansion plans, this FinTech initiative by Bank Alfalah will serve as a pilot for group rollout with sister concerns of Lulu Exchange in Bahrain, Oman, Kuwait, Qatar, Singapore, and Malaysia,” the report stated.
Interestingly, RippleNet has been integrating several banks from the developing region of the world to provide cross-border services. Pakistan’s sixth-largest bank is another opportunity to use its services and spread its wings in the Asia-Pacific region. Earlier this year, LuLu Exchange also opened a remittance corridor to India and Egypt. Pakistanis make up about 12.5% of the total population of the United Arab Emirates. The UAE is also the second-largest source of remittances to Pakistan.
According to Brooks Entwistle, CEO of RippleNet at APAC and MENA, Pakistan is one of the largest remittance markets. They are aiming to expand their reach into new markets by 2022.
In his statement, Bank Alfalah CEO Atif Bajwa says that Ripple helps to strengthen financial bridges between the two countries:
“The partnership with RippleNet will help us deepen our partnership with Lulu Exchange and strengthen the financial bridges between Pakistanis residing in the UAE and their families back home.”
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