Ripple firm will provide it’s a digital bridge to establish transactions between leading bank Alfalah and United Arab Emirates’ LuLu Exchange.
At present, Ripple firm is doing its best to push the world toward digital technology adoption by integrating its services with the banks. In the latest, Ripple is moving toward Pakistan from the UAE.
A leading bank Alfalah, Pakistan has established a partnership with United Arab Emirates’ LuLu Exchange. With the use of San Francisco-based payment firm Ripple, both of these parties will be able to facilitate high-speed money transactions between the UAE and Pakistan.
“As per their expansion plans, this FinTech initiative by Bank Alfalah will serve as a pilot for group rollout with sister concerns of Lulu Exchange in Bahrain, Oman, Kuwait, Qatar, Singapore, and Malaysia”, report read
At present, there are many banks in the world, which are using these services by Ripple. Now Pakistan’s leading bank became the 6th bank in the world to go with the Ripple.
As per records, around 15% of the population of Pakistan is living in UAE, so it will help 15% of the population of Pakistan to facilitate high speed, low-cost transactions with high efficiency.
The Managing Director of RippleNet in APAC and MENA, Brooks Entwistle, said that the firm was planning to expand its network in another new market in 2022. Now entry in Pakistan ensured the company’s aim.
Pakistan toward crypto
The government of Pakistan is also aware of this blockchain and crypto industry and also they are doing their best to bring a perfect regulation to allow crypto trading legal for the citizens.
Recently, Pakistan’s Sindh High ordered the central bank and financial authorities to work together and create a better & legal framework to impose on the crypto market so that the government can regulate it.