Oman’s Second Largest Bank Joins RippleNet Cross-Border Payment Network

by | Feb 19, 2019 | Cryptocurrency, Cryptocurrency News

Oman | RippleNet | Cryptocurrency | India

BankDhofar, Oman’s second-largest bank by market value joins RippleNet technology for cross-border payments to India, as announced by Navin Gupta, the managing director of South Asia and MENA at Ripple, via a tweet on Feb. 16.

As per the announcement, BankDhofar is the first bank in the country and the one of the first in the region to adopt RippleNet. The network will enable the bank to make cross-border transfers via a mobile banking application “in less than 2 minutes. ” Which will allow the non-resident Indians living in Oman to conduct real-time payment transfers.

More: Ripple is Funding 11 Prestigious Colleges To Conduct Cryptocurrency Research

About RippleNet

A global blockchain-based payment network of institutional payment providers that has been developed by technology company Ripple.  RippleNet managed to expand its network to over 200 customers, including such industry players as JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank, in January.

Just this month, RippleNet network enabled a Finablr, a global payment platform, and foreign exchange operator based in the United Arab Emirates (UAE) to complete real-time transactions to Thailand. Major Thai bank Siam Commercial Bank is the first partner in the service and will purportedly let UAE Exchange and Unimoni customers globally send money to Thailand.

The National Bank of Kuwait (NBK) launched a cross-border remittance product based on RippleNet’s blockchain technology, last December. Reportedly, NBK was the first financial establishment in Kuwait to implement a remittance product — “NBK Direct Remit” — for international live payments based on RippleNet.

Read more: Ethereum Was Biggest Gainer of 2nd Week Of February

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