Pyypl will use Ripple’s ODL solution and XRP cryptocurrency to conduct fast and cost-effective money transfers between the countries of the Middle East and the Philippines.
According to an article in the Ripple blog, in 2020 the volume of remittances in Saudi Arabia and the United Arab Emirates amounted to about $ 78 billion. The countries of the Middle East and North Africa (MENA) are starting to rapidly develop international remittances, actively apply digital technologies and improve the regulation of the financial industry. Ripple will foster innovation in the region by partnering with international blockchain financial services firm Pyypl.
With traditional money transfers, transactions are often slow, opaque, and high in fees. Sometimes delays or disruptions in making payments can be disastrous. Through the international payments system On-Demand Liquidity (ODL) and XRP, Ripple and Pyypl will open a major remittance corridor between MENA countries. This will ensure instant and cost-effective transactions and eliminate the need for upfront financing. For banks and businesses using the ODL service, XRP will become a “bridge” between fiat currencies of different jurisdictions.
“The Middle East and North Africa is an important region for Ripple given that they are focused on improving the current financial system and creating an enabling regulatory environment for the use of cryptocurrencies. Countries like the UAE understand the need to modernize international payments. They have taken a progressive position and are ready to apply new technologies and products, ”said Brooks Entwistle, managing director of RippleNet Asia-Pacific and MENA region.
Recall that this summer, Ripple entered the money transfer market between Japan and the Philippines, and in June last year announced preparations for the launch of the ODL solution in Brazil.
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