Ripple announced another partnership with an Asian bank named BankDhofar. The Middle-Eastern bank will use RippleNet to provide mobile banking to Oman and Indian citizens. The new service will help citizens from both countries connect to each other and benefit from cross-border payments.
It’s another success story for RippleNet that focuses on providing international financial services around the world, especially in Asia’s developing economies.
Another Decentralized Solution for Banks
Mobile banking is not a new service anymore. Many countries around the world provide this kind of financial service to their citizens. But the centralized concept is still a problem. Not every citizen can join the systems, and cross-border payments are still big issues. Decentralized solutions that use blockchain as their primary tech layer can solve lots of these challenges.
RippleNet is one of the most famous ones that helps traditional financial institutions provide global services easier. The latest bank to use this service is BankDhofar in Oman that will launch a mobile banking solution base on RippleNet’s decentralized network.
BankDhofar is Oman’s second-largest bank. It wants to expand services faster and more efficiently, and the latest partnership with Ripple shows serious plans to move to the decentralized ecosystem. BankDhofar will be connected to the leading Indian private sector bank Indusland Bank to provide real-time cross-border payments. The initial service in BankDhofar’s mobile payment solution will help customers send and receive money up to OMR 1,000 (about $2,600) instantly to accounts in India. The latest partnership with Ripple is part of BankDhofar’s plans to become a more digital bank. Abu Baker Karim Al Balushi, Head of Digital Banking at BankDhofar, said:
“At BankDhofar, we are always putting digital solutions and innovation at the core of our strategy to improve the experience of our customers. 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.”
Decentralized solutions like RippleNet help traditional financial institutions provide more efficient and secure services. It ultimately results in more customer satisfaction. Besides, when big banks offer decentralized solutions, we can expect more mainstream users to come to the blockchain community. After all, the whole economic world will experience considerable growth.
Ripple’s first partnership in the Sultanate of Oman can become a strategic step in providing service to the Middle East. Lots of banks in this area are planning to move to decentralized solutions, and RippleNet can find more customers there.
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