RippleNet Adds Another Bank Partnership In Pakistan’s Faysal Bank Limited (FBL)
Ripple is focused on spreading its business through the whole world and the latest company to join its efforts is the Faysal Bank, the first company in Pakistan to be able to join forces with Ripple. Now, the largest private bank of the country will become a part of the famous RippleNet.
Faysal Bank introduces a digitally enabled solution for its customers through partnering with Ripple. With this partnership, fast, secure and convenient cross border payments can be made. The ceremony was held in Karachi, under the leadership of Mr. Yousaf Hussain, P&CEO- FBL. pic.twitter.com/qjyrm5sk05
— Faysal Bank Limited (@faysalbankltd) September 6, 2019
This partnership was celebrated with an official ceremony, which was held in Karachi, the capital of the country. The CIO of the bank, Dato Arif Siddiqui, has affirmed that the goal of the new deal is to provide the people of the country with ways to send money abroad efficiency and cheaply.
Faysal Bank is set to use one of the most popular solutions devised by Ripple: xCurrent. This means that the bank will not directly use the XRP tokens, only RippleNet. Ripple also has other popular solutions such as xVia and xRapid, but none of them will be used by the Pakistani bank at the moment.
In fact, the Middle East and North Africa (MENA) region are becoming increasingly important for Ripple. The company is looking for several partnerships in the region to upgrade the quality of its business and to improve the strength of its network. This region is well-known for being wealthy because of the oil reserves, so it makes a lot of cross-border transfers.
Recently, Ripple started a partnership with another bank in the region, the National Bank of Kuwait. The bank will now use Ripple solutions for cross-border transfers as well.