Ripple has partnered with the Dubai-based, National Bank of Fujairah (NBF), giving the payment network access to the finance market in the Middle East.
Ripple appears to be relentlessly extending the reach of its blockchain-based products across the financial institutions and banks worldwide. Accordingly, the payment network’s partnership with NBF is advantageous for both organizations. After all, the corporate bank now has a blockchain technology edge over its competitors in the region. Also, Ripple extends its reach to the Middle East benefiting from the increasing local financial activities. The network has been recognized as the cheapest network for cross-nation payments giving it an extra advantage.
An overview of NBF plans
National Bank of Fujairah (NBF) is a Dubai-based bank. It specializes in providing corporate and commercial banking services for cross-border payments. Therefore, the development is in line with NBF’s digital strategy that is focused on the blockchain technology, digital banking applications, and Robotics Process Automation (RPA).
The source article states: “Blockchain technology, digital banking applications as well as Robotics Process Automation [RPA] have been focal points in the NFB’s digital strategy. Therefore, with the mass spreading of Blockchain Technology, NBF is utilizing the benefits of Ripple-Net to provide a frictionless experience for sending and receiving money globally and is working with other banks to implement Ripple in 2019.”
Furthermore, the NBF is also working with other banks to implement Ripple in 2019.
Since its launch, Ripple has partnered with over 100 banking clients. This list includes 15 of the world’s top 50 banks. Including names like Accenture Ventures, SBI Holdings, SCB Digital Ventures, Standard Chartered and National Commercial Bank (NCB) of Saudi Arabia.
Days ago, the payment network partnered with Interbank (Peru) and Vitesse (the UK). Besides, this summer, the company, which enjoys the community’s support, has entered the South American market. It seems like the company is truly aiming at becoming the top global payment solution.