Ripple Partners With Pyypl to Advance RippleNet’s ODL Deployment in the Middle East

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Ripple Partners With Pyypl to Advance RippleNet's ODL Deployment in the Middle East
Ripple Partners With Pyypl to Advance RippleNet's ODL Deployment in the Middle East

Ripple’s partnership with international blockchain financial services companies has continued to increase. After announcing a major collaboration with Al Ansari Exchange, based in the United Arab Emirates last week, it announced another collaboration yesterday.

Ripple Collaborates With Fintech Company to Deploy ODL Services

According to an announcement on October 25, Ripple has partnered with Pyypl, a leading global blockchain financial services technology company in the Middle East and North Africa to advance the ODL deployment of RippleNet in the Middle East to start.

The cross-border payment company plans to promote remittance channels in the region through the latest partnership. On-demand liquidity services (ODL) use XRP for efficient and inexpensive cross-border payments. In addition, Ripple emphasized the importance of the MENA region for the company’s global expansion.

RippleNet Asia Pacific and the Middle East and North Africa Managing Director Brooks Enteves commented on the announcement, which he stated that following their excellent customer list, enthusiastic regulatory environment and regional focus on the improvements needed in the current financial system, MENA remains a key region for Ripple. 

He also commented that the introduction of another market-leading version of ODL shows that people understand that digital assets will play a central role in global payments in the future.

In a press release, Antti Arponen, Co-Founder and CEO of Pyypl stated that they are very pleased to be Ripple’s preferred partner for the ODL deployment in the Middle East. This enables more and more of their users to deliver remittances in the blink of an eye and at a low cost. They have also reduced the inefficient use of capital through ODL, and look forward to an exciting rollout of its capabilities across the region.

Ripple’s ODL Services Around the Globe

Ripple’s ODL service will be popular with global financial institutions in 2021. In July, Ripple launched the first real-time ODL product in Japan. The company has also acquired a 40% stake in Tranglo, one of the fastest-growing cross-border payment companies in Asia.

The Middle East has some of the largest remittance channels in the world, valued at approximately $78 billion. The United Arab Emirates and Saudi Arabia took a number of initiatives in 2021 to support the digital transformation of the financial sector.