Asheesh Birla, Managing Director of Ripple (GM), announced in a Twitter post on Monday that Asia Pacific (APAC) is still Ripple’s busiest region for customer inquiries and transaction growth.
In India, Birla announced that Ripple is working with three of the top five banks, while one of the world’s largest for currencies, the MENA (Middle East and North Africa) and India corridor, is “rapidly growing” and may soon be Ripple’s “largest”. used.
Just a day after these announcements, LuLu Exchange UAE announced a partnership between Ripple and the Federal Bank of India to offer real-time payments from the UAE to India. Lulu Exchange wrote on Twitter:
The tweet was greeted with many “likes” comments, and many users applauded Ripple’s flexibility in making moves during SEC litigation issues.
Commenting on the partnership on Twitter, LuLu Exchange and Federal Bank can transform the cross-border payment experience from the UAE to India via RippleNet Cloud, said Navin Gupta, chief executive of South Asia and MENA, Ripple.
“MONEY TRANSFER CONTINUES TO INCREASE IN THE UAE-INDIA CORRIDOR DESPITE THE PANDEMIA. LULU EXCHANGE AND FEDERAL BANK PARTNERSHIPS THROUGH RIPPLENET CLOUD TO MAKE THE CROSS-BORDER PAYMENT EXPERIENCE EASIER AND MORE RELIABLE IN INDIA. ”
The Federal Bank of India is an Indian private bank headquartered in Aluva, Kochi, and also has foreign branches in Abu Dhabi and Dubai. With a customer base of 10 million, including 1.5 million non-residents, and a wide network of worldwide remittance partners, the Federal Bank alone handled more than 15% of India’s total $ 79 billion of foreign transfers in 2018. Lulu Exchange is among the most important crypto and non-banking finance providers in the United Arab Emirates region. Lulu, whose headquarters is in Abu Dhabi, has more than 180 active branches.
Also, the notable point about partnership for Ripple is that the Federal Bank of India has made remittance agreements with more than 110 banks / exchanges worldwide. The bank is also listed on BSE, NSE and the London Stock Exchange and has a branch office in India’s first International Financial Services Center (IFSC) in GIFT City in Gujarat.
In addition, Ripple’s partnership with the LuLu exchange shows that Ripple does not hold back when it comes to cross-border trade. Although the SEC harmed Ripple during the case, Ripple has managed to expand its horizon to several countries in the Asian region. Across social media platforms, cryptocurrency enthusiasts hope the company will win the war.