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BankDhofar, the second largest bank in Oman in terms of market value, has started using RippleNet technology for cross-border payments to India. The news was tweeted by Southeast Asia and MENA Executive Director Ripple Navin Gupta on February 16.
RippleNet is a global network of blockchain-based institutional payment providers, developed by technology company Ripple. In January, RippleNet expanded its network to more than 200 customers, including industry players such as JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank.
In the recent announcement, BankDhofar became the first bank in the country and one of the first in the region to adopt RippleNet. This technology allows the bank to provide cross-border credit transfers via a mobile banking app "in less than 2 minutes", allowing non-resident Indians residing in Oman to make real-time payment transfers.
BankDhofar was incorporated in 1990 and has since become one of the largest banks in the country. In 2017, BankDhofar's banking revenues would have been $ 2.4 million, while total revenues would have been $ 28.2 million.
Earlier this month, Finablr, a global payment platform and exchange operator based in the United Arab Emirates (UAE), joined the RippleNet network to conduct real-time transactions to Thailand. The first service partner, the big Thai bank Siam Commercial Bank, allegedly let the UAE Exchange and Unimoni customers send money to Thailand around the world.
Last December, the National Bank of Kuwait (NBK) also launched a cross-border payment product based on RippleNet's blockchain technology. NBK would be the first financial institution in Kuwait to implement a remittance product – "NBK Direct Remit" – for international online payments based on RippleNet.
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