SAN FRANCISCO--(BUSINESS WIRE)--Ripple, the leading 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.”
The Middle East contains two of the world’s three largest remittance corridors with the UAE and Saudi Arabia handling a combined $78 billion in payments in 2020. The region has also experienced a rapid transition to digital in the last year making it a market that is primed for fintech innovation.
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.
RippleNet continues to see traction around the globe. In APAC, Ripple announced its first-in-market ODL corridor in Japan, in partnership with SBI Remit, and acquired a 40% stake in Tranglo in Malaysia to expand the availability of its ODL service.
RippleNet leverages crypto and blockchain technology to help partners across a global network accelerate their business performance and scale. It delivers a superior end-customer experience, simplified network partnering, liquidity management solutions, lines of credit, and state-of-the-art infrastructure to enable real-time payments.
About Ripple
Ripple enables payments everywhere, every way, for everyone using the power of crypto and blockchain. By joining Ripple’s growing, global network (RippleNet), financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. With offices in San Francisco, Washington D.C., New York, London, Mumbai, Singapore, São Paulo, Reykjavik and Dubai, Ripple has hundreds of customers around the world.
About Pyypl
Pyypl is an international payment technology company and financial services provider using blockchain in its core systems. It enables digital payments for the 1 billion smartphone users in the Middle East and Africa who are financially underserved.
Pyypl partners with leading investors, banks and payment networks for building an unforeseen FinTech ecosystem in the Middle East, Africa and internationally in its mission to speed up financial inclusion.
Pyypl was ranked in the Top 10 Startups in the UAE for 2021 by LinkedIn. Pyypl has investors from Europe, US, Middle East, and Central Asia, users from 150+ nationalities and has processed transactions in 70+ different currencies.
For more information, visit www.pyypl.com.
