Oman’s second largest bank by market value, BankDhofar, has begun using RippleNet technology for cross-border payments to . The was by the managing director of South Asia and MENA at , Navin Gupta, on Feb. 16.
RippleNet is a global -based payment network of institutional payment providers, that was developed by technology company . In January, RippleNet its network to over 200 , including such industry players as JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank.
Per the recent announcement, BankDhofar has become the first bank in the country and one of the first in the region to adopt RippleNet. The technology enables the to provide cross-border transfers via a mobile banking application “in less than 2 minutes,” thus allowing non-resident Indians living in Oman to conduct real-time payment transfers.
BankDhofar was incorporated in 1990, subsequently becoming one of the largest banks in the country. In 2017, BankDhofar’s revenue from banking services was reportedly $2.4 million, while its total revenue amounted to $28.2 million.
Earlier this month, Finablr, a global payment platform and foreign exchange operator based in the United Arab Emirates (), the RippleNet network to complete real-time transactions to . The first partner in the service, major Thai bank Siam Commercial Bank will purportedly let UAE Exchange and Unimoni globally send money to Thailand.
Last December, the National Bank of Kuwait (NBK) also a cross-border remittance product based on RippleNet’s technology. NBK reportedly become the first financial establishment in Kuwait to implement a remittance product — “NBK Direct Remit” — for international live payments based on RippleNet.
Published at Mon, 18 Feb 2019 21:14:46 +0000
