Ripple partner joins forces with the world’s largest islamic bank. Ripple signed a partnership with Al Rajhi Bank, albeit indirectly.
MoneyGram, one of Ripple’s most important partners, announced that it has signed a partnership with Al Rajhi Bank, the world’s largest Islamic bank, with a new press release . Having more than $ 88 billion of assets under the management of the bank reveals how important this partnership actually is.
MoneyGram and Al Rajhi Bank Partner
Thanks to this partnership, a Dallas-based money transfer company made a very rapid entry into Saudi Arabia’s remittance market. MoneyGram CRO, Grant Lines, said in a statement on the issue that this partnership is an important milestone and milestone:
“This partnership has been an important milestone targeting strategic investment in leading money-sending markets.”
MoneyGram signed a partnership with Suez Canal Bank and entered the Egyptian market months earlier in 2020. Entering Saudi Arabia’s remittance market can certainly increase the awareness of MoneyGram partner Ripple in the Middle East region.
As it is known, MoneyGram uses Ripple’s xRapid, called ODL, for some remittance transactions. This introduces banks using the traditional SWIFT system to the technology of the new age and increases the number of Ripple’s partners.
If, after the partnership of MoneyGram, a new statement is made about being a member of RippleNet in question, this will not be surprising.