According to a press statement that was recently released, Al Fardan Exchange LLC, one of the partners of the fintech giant Ripple Labs, has partnered with another behemoth; however, this one is from the traditional financial industry — banking powerhouse J.P. Morgan.
The UAE’s central bank has authorized and regulated Al Fardan Exchange, a significant company for money transfers and currency exchange in the UAE. Together, the two businesses will provide clients with value transfers that are completed in an exceptionally brief amount of time.
Al Fardan Exchange has been cooperating with Ripple since January 2022.
Ripple Partner Teams up With J.P Morgan
Customers will be able to deal in major and minor worldwide fiat currencies thanks to this alliance between Al Fardan Exchange and the renowned international bank, including the South African Rand (ZAR), USD, GBP, and EUR.
Additionally, consumers in the UAE will have access to quicker and more dependable financial transfers. Hasan Fardan Al Fardan, the chief executive of Al Fardan Exchange, claims that the company’s partnership with the enormous global bank J.P. Morgan is now acknowledged as the advancement of the entire country in the AML/CFT area and is now luring major international players from the financial industry to re-enter the UAE market.
Al Fardan Exchange recently commemorated 50 years of operation in the market. AlfaPay, one of its mobile applications, was recently relaunched. In addition, the business now gives clients “a branch in their pocket,” which enables them to conduct secure and convenient activities, like bill payments and transfers.