Dubai-based National Bank of Fujairah To Use RippleNet For Cross Border Payments
- National Bank of Fujairah announce partnership with Ripple in a bid to service the Indian Population in UAE that remits money back home.
- In 2017 the remittances funneled back to India hit a staggering $65 billion.
Through an announcement on their website , the National Bank of Fujairah (NBF) has struck a partnership with Ripple a leading enterprise Blockchain company. The Blockchain alternative will secure the clients real time payments whilst allowing clear end to end transaction tracking.
The NBF based in the UAE was founded in 1982 with main shareholders list including Government of Fujairah, Investment Corporation of Dubai and the Easa Saleh Al Gurg LLC. They have mainly offer Corporate and commercial banking and are well versed with treasury and trade finance.
Ripple to offer seamless cross border transactions
According to the bank’s CEO Vince Cook, the integration of Ripple’s Blockchain solution was prompted by the need to adjust with the dynamism of the banking sector. They also understand the potential of Blockchain technology that is set to align with their key objective of ensuring their clients have a smooth running experience.
“In a fast-moving environment, banks have to act with agility and constantly look for new and improved ways to service their clients. We understand the importance of leveraging Blockchain technology to deliver seamless and frictionless experiences to our clients.”
Notably NBF has been at the forefront in embracing the Blockchain Technology. Last year they became members of the Marco Polo Blockchain network that has been dubbed the largest and fastest growing trade finance network. Supported by Corda Blockchain Technology from R3 and the distributed platform from TradeIX, the network provides a platform that allows for the seamless and secure exchange of data and assets amongst the participants.
Partnership to Capitalize on big Indian population in UAE
NBF’s strategic move will see them capitalize on the large Indian population that is working in the country and make remittances back home to India through the IndusInd bank. The Mumbai based bank partnered up with Ripple in 2018 to focus on cross border remittances. This was after India saw a staggering $65 billion flow into the country in 2017.