Ripple’s solution to open a new payment corridor between the UAE and Pakistan

Pakistan’s Bank Alfalah and LuLu Exchange from UAE have signed a strategic partnership to accelerate and increase the volume of money transfers between the two countries via the RippleNet platform. Gulf News reports.

The integration of Ripple’s solution by one of Pakistan’s largest commercial banks will be the first of its kind for the country’s financial institutions. LuLu Exchange is a client of the California fintech company since February 2021.

Bank Alfalah expects to increase the transparency and speed of transactions through the cooperation. Pakistan ranks sixth worldwide in inbound international remittances, and the diaspora of its citizens in the UAE accounts for 15% of the Gulf state’s total population.

“Partnership with RippleNet will help deepen our cooperation with Lulu Exchange and strengthen financial bridges between Pakistanis living in the UAE and their families back home,” said Bank Alfalah President and CEO Atif Bajwa.

The bank expects the initiative to serve as a pilot for further joint deployments with Lulu Exchange’s subsidiaries in Bahrain, Oman, Kuwait, Qatar, Singapore and Malaysia.

“We look forward to continuing our partnership with Bank Alfalah and expanding our presence in new markets next year,” said Brooks Entwistle, Managing Director of RippleNet for the Asia-Pacific region and the Middle East and Africa.

A former Uber joined Ripple in March 2021 as head of the Southeast Asia business.

Ripple CEO Brad Garlinghouse said that lawsuit SEC did not harm the development of the company’s Asia-Pacific operations.

Earlier, he described Asia as RippleNet’s primary market for RippleNet.

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