July 24, 2024
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Ripple Facilitates First-of-Its-Kind Payment Corridor Between UAE and Pakistan

Ripple

Furthermore, the Payments between the two countries is to be under the care of the Ripple Net Cloud service.

Bank Alfalah, one of Pakistan’s biggest private banks, is teaming up with LuLu Exchange. Which is, the Abu Dhabi-based remittance and foreign exchange company so to start up a remittance corridor.

Recall, Earlier this year, LuLu Exchange also opens remittance corridors to India and Egypt.

Currently, Pakistanis amounts staggering 12.5% of the total population of the United Arab Emirates.

More so, The UAE is also the second-largest source of remittances for Pakistan.

Notably, during a statement, Bank Alfalah CEO Atif Bajwa explains how Ripple will assist and strengthen financial bridges between the two countries:

“The partnership with RippleNet will help us deepen our partnership with Lulu Exchange…”
“and strengthen the financial bridges between Pakistanis…”
“residing in the UAE and their families back home.”


Lastly, according to reports, the Saudi British Bank will use Ripple technology to provide instant settlements for corporate clients earlier this month.

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