Enterprise blockchain service provider Ripple and blockchain-based financial services technology company Pyypl have announced the launch of the first of its kind On-Demand Liquidity (ODL) service in the Middle East.
Ripple Brings ODL For Middle Eastern SMEs
In a statement on their official blog page, Team Ripple announced the launch of the ODL service in the Middle East in collaboration with their Middle Eastern financial services partner, Pyypl, to establish smoother, quicker, and low-cost cross-border payment channels. The ODL service accomplishes the task by leveraging Ripple’s native XRP token and eliminating the need for costly pre-funded accounts. The service will primarily benefit Small-and Medium-Sized Enterprises (SMEs) who can scale up in business by leveraging previously locked capital.
Ripple Continues Middle East Dominance
The MENA (Middle East and North Africa) region constitutes two of the highest financial remittances corridor in the world. The remittance market in Saudi Arabia and the United Arab Emirates (UAE) brought in a total of $78 billion in 2020. As one of the more progressive financial destinations and regulatory environments in the world, the region is prime for a blockchain makeover.
According to Brooks Entwhistle, RippleNet MD in APAC and MENA,
“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. 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.”
Pyypl Joins Ripple’s Middle Eastern ODL Initiative
As a global financial company with an impressive financial influence in the UAE, Pyypl is sufficiently qualified for the role. The company has also been certified under ADGM’s Financial Services Regulatory Authority.
Pyypl provides blockchain-based payment services by making digital payments accessible to the 1 billion smartphone users in the region to promote financial inclusion. Previously, it launched an ODL in the Philippines and is now looking to enter the MENA region by building a financial ecosystem through partnerships with leading financial institutions and investment giants.
Entwhistle has addressed the partnership with Pyypl, calling them ‘forward-thinking’ and in line with Ripple’s goal of ‘breaking the status quo in the current global financial system’ to introduce a higher level of customer service.
Antti Arponen, Co-Founder and CEO of Pyypl, has spoken on the initiative of bringing the first ODL to the region,
“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.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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