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. 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. 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.
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. 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. 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.