- Al Ansari Exchange has said that it will expand its partnership with Ripple, a leading provider of enterprise blockchain solutions.
- It will use RippleNet Cloud in conjunction with third-party firm MoneyMatch, initially offering the service in Malaysian ringgit.
- “We are excited to be partnering with Al Ansari Exchange, and look forward to supporting them and powering their Malaysian ringgit transactions to Malaysia,” said a spokesperson for MoneyMatch.
Al Ansari Exchange, a foreign exchange and cross-border payments company in the United Arab Emirates (UAE), has announced that it will be enhancing its relationship with Ripple.
The company, one of the country’s premier forex firms, will build on its existing connection with the enterprise-level blockchain-powered firm.
It will use RippleNet Cloud, a cloud-based financial network technology offer, alongside a third-party company called MoneyMatch.
The arrangement will mean that the firm can offer same-day payments, which will initially be made using the Malaysian ringgit.
It will mean that banks and other financial organisations in the UAE will be able to scale back some of their financial infrastructure, including on-premises legacy systems.
It will also help enhance resilience and flexibility.
In a statement, the chief executive officer of Al Ansari Exchange said that he acknowledged the role that blockchain technology currently plays in improving transparency and seamlessness.
Rashed A. Al Ansari said that the new partnership will help the firm reach their commitments.
“Blockchain technology has paved the way for seamless, transparent and advanced methods to send remittances worldwide,” he said.
“Adopting this technology on the cloud via our partnership with Ripple and MoneyMatch is in line with our commitment to provide our customers with more flexible, faster, safer and more innovative money transfer solutions.”
He added that the company was setting new standards when it comes to the way that the sector operates – especially regarding customer experience.
“Together, we are carving new benchmarks in the industry, with an end goal of redefining customer experience and taking our services to the next level internationally.”
MoneyMatch’s chief executive officer said that the company was pleased about the collaboration.
“We are excited to be partnering with Al Ansari Exchange, and look forward to supporting them and powering their Malaysian ringgit transactions to Malaysia,” said Adrian Yap.
“The synergies that this partnership will unlock is promising and we look forward to a long and fruitful business relationship between both parties.”
He also called on expats in the UAE to take up the service.
“We hope the Malaysians working in the UAE will also lend us their support and try the service out.”