Via RippleNet Cloud, which is Ripple’s international Cloud-powered financial network tech, Al Ansari Exchange will be connecting with major money transfer tech firm MoneyMatch in order to offer same-day remittance payments routed to Malaysia.
This service will start off with supporting transactions in Malaysian Ringgit (MYR), with future plans to offer support for the Brunei dollar (BND) and the Australian dollar (AUD).
Rashid Al Ansari, CEO at Al Ansari Exchange, stated:
“Blockchain technology has paved the way for seamless, transparent and advanced methods to send remittances in real-time worldwide. 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. Together, we are carving new benchmarks in the industry, with an end goal of redefining customer experience and taking our services to the next level internationally.”
RippleNet Cloud enables banking institutions and financial service providers with shifting away from outdated and costly on-premise infrastructure, and take advantage of the flexibility, speed and resilience of Cloud computing “without the burden of hardware management.”
Adrian Yap, CEO at MoneyMatch, remarked:
“We are excited to be partnering with Al Ansari Exchange, and look forward to supporting them and powering their Malaysian Ringgit transactions to Malaysia. The synergies that this partnership will unlock is promising, and we look forward to a long and fruitful business relationship between both parties. We hope the Malaysians working in the UAE will also lend us their support and try the service out.”
Navin Gupta, MD, South Asia and MENA, at Ripple, added:
“Al Ansari is one of the largest and longest-standing exchanges in the region, focused on expanding their network and evolving their offerings to provide the best financial services to their customers. We view this partnership with MoneyMatch as a continuation of that ethos, and we’re excited to be partnering with them to improve cross-border payments in key remittance corridors with RippleNet Cloud.”
RippleNet harnessed the power of blockchain or distributed ledger technology (DLT) to help partners across an international network with accelerating their business performance and scale. It offers “a superior end-customer experience, simplified network partnering, liquidity management solutions, lines of credit and a state-of-the-art infrastructure that enable real-time payments.”