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Ripple Partners With Pyypl To Develop First Middle East ODL Corridor

Ripple announces plans to develop the first ODL corridor in the MENA region. Notably, this is a partnership with Pyypl blockchain-based fintech firm.

“We’re thrilled to share that we’re partnering with @Pyypl to bring #ODL to the Middle East for the first time!”
— Ripple (@Ripple) October 26, 2021

Ripple Joins MENA Digitization Journey

As per Ripple tweet, there are only two of the world’s top three remittance corridors in this region.
Last year, about $78 billion is moving through them.

Furthermore, this new partnership is due to MENA seeing a fast-going transfer to a digital format.
Also, Pyypl is a DLT company that provides financial services to clients globally.
Majorly, the purpose of the partnership is to bring cheap and fast remittances to the UAE.

Which of course, also is to users with smartphones access to digital payments in this region. Then, bring solutions to the expensive pre-funded accounts leveraged by legacy transnational payment platforms like MoneyGram and Western Union.

More so, Ripple goes on to establish a regional office in the region, precisely in Dubai.
Additionally, it is working with Qatar National Bank and Al Ansari Exchange.
Already, They have signed up to RippleNet, which allows them to improve their transactional payments.

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