Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, expanded its partnership with Ripple, the leading provider of enterprise blockchain solutions, to deliver cross-border payments. Al Ansari Exchange will leverage RippleNet Cloud, Ripple’s global cloud-based financial network technology, to connect with leading money transfer technology company, MoneyMatch.
Through RippleNet Cloud, Al Ansari Exchange will provide same-day remittances with MoneyMatch. This service will initially support transfers done in Malaysian Ringgit (MYR). RippleNet Cloud allows banks and financial institutions to move away from aging and expensive legacy on-premises infrastructure and embrace the flexibility, speed and resilience of cloud computing without the burden of hardware management.
Rashed A. Al Ansari, Chief Executive Officer at Al Ansari Exchange, said: “Blockchain technology has paved the way for seamless, transparent and advanced methods to send remittances worldwide. Adopting this technology on the cloud via 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 carving new benchmarks in the industry, with an end goal of redefining customer experience and taking our services to the next level internationally.”
“We are excited to be partnering with Al Ansari Exchange, and look forward to supporting them and powering their Malaysian Ringgit transactions to Malaysia. The synergies that this partnership will unlock is promising and we look forward to a long and fruitful business relationship between both parties. We hope the Malaysians working in the UAE will also lend us their support and try the service out.” said Adrian Yap, Chief Executive Officer, MoneyMatch.
“Al Ansari Exchange is one of the largest and longest-standing exchanges in the region, focused on expanding their network and evolving their offerings to provide the best financial services to their customers,” said Navin Gupta, Managing Director, South Asia and MENA, at Ripple. “We view this partnership with MoneyMatch as a continuation of that ethos, and we’re excited to be partnering with them to improve cross-border payments in key remittance corridors with RippleNet Cloud.”
Al Ansari Exchange’s digital initiatives aim to contribute to the UAE’s fintech agenda and will play an integral role in the ‘Projects of the 50,’ reflecting on how technologies will drive the country into its next phase of development.
The partnership with Al Ansari Exchange and MoneyMatch will initially offer transactions in MYR with plans to offer remittances in the Brunei Dollar (BND) and the Australian Dollar (AUD) in the future. RippleNet leverages blockchain technology to help partners across a global network accelerate their business performance and scale. It delivers a superior end-customer experience, simplified network partnering, liquidity management solutions, lines of credit, and state-of-the-art infrastructure that enable real-time payments.