back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

Ripple and Pyypl launch On-Demand Liquidity deployment in Middle East

By Leandra Monteiro

October 26, 2021

  • Cross Border Payments
  • Middle East
  • ODL
Share

Ripple, Al Ansari Exchange, RippleNet, MoneyMatch, USA, UAE, MalaysiaRipple, a provider of enterprise blockchain and crypto solutions for cross-border payments, announces the launch of RippleNet’s first-ever On-Demand Liquidity (ODL) deployment in the Middle East, together with Pyypl, the international blockchain-based financial services technology company in the Middle East and Africa.

ODL leverages XRP, the best digital asset for payments, for instant and low-cost cross-border payments, eliminating the need for costly pre-funded accounts.

Ripple was the first enterprise company to leverage crypto to tackle the trillion-dollar challenges with cross-border payments. By using ODL, financial institutions and Small-and Medium-Sized Enterprises (SMEs) can now leverage previously trapped, pre-funded capital to grow and scale their business.

“MENA continues to be a critical region for Ripple thanks to our outstanding roster of customers, a welcoming regulatory environment and a regional focus on the needed improvements in the current financial system,” said Brooks Entwistle, Managing Director of RippleNet in APAC and MENA. “The establishment of yet another first-in-market ODL launch demonstrates the understanding that digital assets will play a central role in the future of global payments. We are delighted to partner with forward-thinking companies, like Pyypl, to ensure we can continue to break the status quo in the current global financial system to continue delivering the best experience for customers.”

Antti Arponen, Co-Founder and CEO of Pyypl, commented, “We’re excited to be Ripple’s first partner of choice to bring the deployment of ODL to the Middle East. This enables our ever-increasing number of users to deliver remittances instantly and cost-effectively. We’ve also reduced our inefficient use of capital through ODL, and look forward to an exciting rollout of its capabilities across the region.”

Pyypl has started with ODL in the Philippines and has plans to expand to new markets as well as exploring additional use cases. XRP will not be held within the UAE and transactions will not involve the currency AED as part of the payment flow. Pyypl is licensed by ADGM’s Financial Services Regulatory Authority.

Supported by the establishment of a new regional HQ in Dubai in 2020, Ripple already has a significant presence in MENA and is now witnessing 4X growth in transaction volume YTD compared to 2020.

Previous Article

October 26, 2021

Paysafe and ZEN.COM bridge the gap between cash and digital banking

Read More
Next Article

October 26, 2021

Mambu and Google Cloud report Artificial Intelligence will power the Bank of the Future

Read More










IBSi Daily News Analysis

The Weekly Wrap

October 07, 2022

Cross Border Payments

The Weekly Wrap: all you need to know by Friday COB | Oct 7th

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

7 FinTech tweets you should see!

Read More

Today

BKN301 Tech launches 301pay

Read More

Today

Kotak Mahindra Bank partners with Finastra for Kotak FYN

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022