Al Ansari Exchange announced its official collaboration with RippleNet Cloud, Ripple’s official global financial technology network.
This UAE-based foreign exchange and worldwide money transfer company intend to connect with transfer technology company MoneyMatch for more seamless transactions with currencies.
The proposed service allows the company’s customers to make remittance transactions to the Brunei dollar (BND) and Australian dollar (AUD).
According to Al Ansari Exchange Chief Executive Officer Rashid Al Ansari, blockchain technology allows for a more transparent and secure method of remitting money worldwide. Ansari reaffirmed the company’s intention to provide a safer and more innovative solution to money transfer.
According to Ansari, the company has the end goal of “redefining customer experience and taking our services to the next level internationally.”
This announcement happened two months after Global Money Express also announced its participation with RippleNet.
RippleNet is one of the most popular and in-demand services offered by Ripple. RippleNet Cloud allows financial institutions to use cloud computing to provide a more secure method of making financial transactions.
Navin Gupta, the managing director at Ripple, expressed the company’s excitement to work with MoneyMatch and Al Ansari. Gupta reaffirms the company’s support in providing the best financial services by improving cross-border payments through RippleNet Cloud.
Ripple stated in an official press release that RippleNet intends to simplify network partnership and liquidity management solutions accompanied by other financial services.
More financial institutions across countries continue to join RippleNet. In the earlier months of this year, RippleNet mediated the ongoing relationship between Lulu Exchange and the National Bank of Egypt.