Nearly 1 week after announcing a major collaboration with UAE-based Al Ansari Exchange, Ripple announced yesterday that it has partnered with Pyypl, a leading global Blockchain -based financial services technology company in the Middle East and Africa, for the launch of RippleNet’s ODL deployment in the Middle East.
Through the latest partnership, Ripple is planning to facilitate the remittance corridors in the region. The On-Demand Liquidity (ODL) service leverages XRP for efficient and cost-effective cross-border Payments . Additionally, Ripple highlighted the importance of the MENA region for the company’s global expansion.
“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,” Brooks Entwistle, Managing Director of RippleNet in APAC and MENA, commented on the announcement.
The Middle East has some of the world’s largest remittance corridors with a combined value of approximately $78 billion. UAE and Saudi Arabia took several initiatives in 2021 to support the digital transformation in the financial sector.
Ripple’s ODL Service
The ODL service from Ripple gained immense popularity among global financial institutions in 2021. In July, Ripple introduced the first live ODL offering in Japan. Furthermore, the company acquired a 40% stake in Tranglo, one of the fastest-growing cross-border payment firms in Asia.
“We’re excited to be Ripple’s first partner of choice to bring the deployment of ODL to the Middle East. This enables our ever-increasing number of users to deliver remittances instantly and cost-effectively. We’ve also reduced our inefficient use of capital through ODL, and look forward to an exciting rollout of its capabilities across the region,” Antti Arponen, Co-Founder and CEO of Pyypl, said in the press release.
