Today we are excited to announce that UAE-based foreign exchange and global money transfer company Al Ansari Exchange has joined RippleNet. Using RippleNet Cloud, Ripple’s global cloud-based financial network technology, Al Ansari Exchange will connect with leading money transfer technology company MoneyMatch to provide same-day transfers to Malaysia.
This service will initially support Malaysian ringgit (MYR) transactions with plans to support Brunei dollar (BND) and Australian dollar (AUD) in the future.
“Blockchain technology has paved the way for seamless, transparent and advanced methods of sending money transfers worldwide in real time. Bringing this technology to the cloud through 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 setting new standards in the industry, with the ultimate goal of redefining the customer experience and taking our services to the next level internationally, ”said Rashid Al Ansari, Chief Executive Officer of Al Ansari Exchange.
RippleNet Cloud enables banks and financial institutions to break away from the aging and expensive legacy on-premise infrastructure and use the flexibility, speed and resilience of cloud computing without the burden of hardware management.
“We are excited to partner with Al Ansari Exchange and look forward to supporting them and advancing their Malaysian ringgit transactions to Malaysia. The synergies that this partnership will unleash promising and we look forward to a long and fruitful business relationship between both parties. We hope that the Malaysians who work in the UAE will also support us and try the service, ”said Adrian Yap, Chief Executive Officer of MoneyMatch.
“Al Ansari is one of the largest and longest-running exchanges in the region that is focused on expanding its network and developing its offerings to provide the best financial services to its clients,” said Navin Gupta, Managing Director, South Asia and MENA, at Ripple. “We see this partnership with MoneyMatch as a continuation of that ethos and we look forward to working with you to improve cross-border payments in key remittance corridors with RippleNet Cloud.”
RippleNet leverages blockchain technology to help partners in a global network accelerate their business performance and scale. It offers a superior end customer experience, simplified network partnerships, liquidity management solutions, credit lines and a state-of-the-art infrastructure that enables real-time payments. If you are a financial institution interested in rolling out RippleNet Cloud, contact us today.