Ripple’s technology will be used to send instant remittances between UAE and Pakistan.
One of Pakistan’s largest private banks, Bank Alfalah, has joined forces with Abu Dhabi-based remittance and foreign exchange company LuLu Exchange to open a remittance corridor. Payments between the two countries will be made with the help of the RippleNet Cloud service.
Earlier this year, LuLu Exchange also opened remittance corridors to India and Egypt.
Pakistanis make up roughly 12.5% of the total population of the United Arab Emirates. The UAE is also the second largest source of remittances for Pakistan. Bank Alfalah CEO Atif Bajwa said in a statement that Ripple is helping to strengthen financial bridges between the two countries:
As previously reported, Saudi British Bank started using Ripple technology earlier this month to provide instant payments to corporate customers.