Ripple is partnering with Bank Dhofar, Oman’s second largest bank, to facilitate cross-border mobile payments through RippleNet, according to a Ripple blog post.
Fast Facts:
- The partnership will see Bank Dhofar join Ripple’s global payments network and connect with Indian private sector bank IndusInd Bank for real-time payments into India.
- India is one of the top remittance receiving countries in the world. Bank Dhofar customers will be able to transfer up to OMR1,000 (approximately US$2,600), to deposit accounts in India instantly through BankDhofar’s mobile banking spp.
- “At close to half a million people, the Indian community is the largest expatriate community in the Oman Sultanate and Bank Dhofar serves many of them as the second largest bank in Oman,” Navin Gupta, Ripple’s managing director of South Asia and Middle East & North Africa, told Forkast.News. “Despite the pandemic, people still need to send money home to loved ones.”