The Middle East and North Africa (MENA) area is known for two of the world’s top three remittance corridors, with Saudi Arabia and the United Arab Emirates (UAE) sending a combined $78 billion in remittances in 2020. The area is also undergoing a rapid digital transformation and has one of the world’s most innovative financial regulatory frameworks.
Today, Ripple announced its first-in-market On-Demand Liquidity (ODL) deployment in MENA, demonstrating its commitment to this FinTech innovation hotspot. The two will offer quick, low-cost remittances in the region, starting with cooperation with Pyypl, the multinational Blockchain-powered financial services business.
Faster and Low-Cost Remittance
Traditional remittances are notorious for being delayed, costly, and opaque. A late or missed payment may be disastrous for users who rely on this money to support rent, living bills, or life crises.
Pyypl offers quick, low-cost remittance solutions for customers moving money in and beyond the region using ODL and XRP. This solution is a part of Pyypl’s bigger objective allowing digital payment options for the Middle East and Africa’s one billion underserved financial smartphone users.
Ripple pushing MENA Momentum
Ripple’s presence in the region is already becoming noteworthy. In 2020, Ripple opened a regional office in Dubai to help clients who are utilizing RippleNet to enhance payments across the border. These clients, including Qatar National Bank and Al Ansari Exchange located in the UAE, are the newest entrants.
This is resulting in a record year for Ripple in the Middle East and North Africa. RippleNet is already reporting four times the transaction volume year-to-date compared to the entire year of 2020.
MENA’s Commitment towards Innovation
These achievements have been possible along with financial gains because of the region’s forward-thinking regulatory organizations, helping innovation flourish. UAE recognizes the need to modernize global payments and constantly thinks of ways to bring new technology and products to market.
Brooks Entwistle, the Managing Director of RippleNet in APAC and MENA, is thrilled by the progress made so far and optimistic about the future since the region’s leaders are laser-focused on clearing the path for needed financial changes.
