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Ripple have announced that it is partnering with Oman’s second largest bank, BankDhofar, to facilitate cross-border mobile payments by using RippleNet.
The partnership will see BankDhofar join Ripple’s global payments network and connect with Indian private sector bank IndusInd Bank for real-time payments into India. Cross-border transactions made via the BankDhofar Mobile Banking App will be processed instantly, reliably, cost-effectively and with end-to-end visibility anywhere in the world.
While India is one of the top remittance receiving countries in the world, the Indian community is the largest expatriate community in Oman with close to half a million people. With most of them being clients of Bank Dhofar, they can now transfer up to OMR1,000 (approximately US$2,600), to deposit accounts in India instantly through BankDhofar’s mobile banking application.
Ripple’s Navin Gupta, Managing Director of South Asia and MENA, said:
“More than ever, people need to send money to loved ones abroad.”
“Ripple is excited to partner with BankDhofar and IndusInd Bank to enhance the cross-border payments experience from Oman to India to be easier, cheaper and more reliable with blockchain technology.”
Abu Baker Karim Al Balushi, Head of Digital Banking at BankDhofar, said that if successful, expansion to other countries is in the pipeline:
“This service will enable BankDhofar to be in a leading position to offer a range of new products and instant payment services. We look forward to activating the service to other countries across the world.”
Ripple’s ambitions are to become “the glue” of global interoperability of central banks, as was hinted in a report released earlier this year. Partnering up with large banks is considered a first step to realizing its ambitions by making a strong user case.