- UAE’s Al Maryah Community Bank is collaborating with LuLu Exchange, a Ripple On-Demand Liquidity (ODL) partner, to enable cross-border money transfers and real-time international payments.
- As XRP’s performance rebounds in the third quarter, Ripple is gaining momentum, with some analysts suggesting the potential for XRP to reach $1 this month.
As Ripple continues to gain an edge over its legal battle with the US SEC, more and more firms are gaining confidence to partner with the crypto firm. Al Maryah Community Bank has opted to utilize the services of LuLu, a partner of Ripple ODL, to enable cross-border money transfers.
In a recent development, LuLu Exchange, Ripple’s business partner based in the UAE, has established a strategic partnership with Al Maryah Community Bank (Mbank), the first fully integrated virtual bank in the United Arab Emirates, renowned for its innovation in banking services.
ZAWYA, a publication focused on the Middle East region, reported this development on Tuesday. According to the report, the LuLu-Mbank collaboration is geared toward facilitating real-time international payments using the Mbank Wallet app and Mbank UAE. It also aims to empower Mbank users to easily deposit funds at any LuLu Exchange branch across the country.
The report highlighted that LuLu, as a Ripple partner with a history of collaborations with virtual banks and technology firms, played a key role in establishing the partnership with Mbank. It also emphasized Al Maryah Community Bank’s commitment to transforming banking services by leveraging cutting-edge and secure technologies.
Saeed Mohamed Al Khoori, the Head of SME Coverage at Mbank, emphasized the significance of the partnership with LuLu Exchange in driving forward their banking industry goals. He clarified that being a local bank, their collaboration with LuLu Financial Group has enabled them to broaden their range of financial services, with a particular focus on simplifying international cash transfer transactions conducted via LuLu Exchange branches.
Ripple and LuLu Partnership
LuLu has been an early supporter of XRP, integrating business solutions through Ripple’s On-Demand Liquidity (ODL) service. The Ripple On-Demand Liquidity (ODL) product is designed to assist network members in accessing a readily available pool of funds via digital assets. This liquidity is sourced cost-effectively, as it is accessed on-demand when needed, keeping costs low
In a prior press release, Adeeb Ahamed, the Managing Director of LuLu Financial Holdings, revealed that Ripple’s ODL platform played a crucial role in enhancing its fund management capabilities in the APAC region, all while adhering to established regulatory standards.
On the other hand, Richard Wason, CEO of LuLu Financial Group, shared his perspective on the significance of the current partnership in realizing a vision for a digital economy. He emphasized that their collaboration with Al Maryah Bank effectively combines their advanced platform technology with an extensive branch network across the country. This synergy ensures that the public has access to a robust and dependable infrastructure for their financial requirements.
Ripple’s most recent quarterly report provides valuable insights into XRP’s performance during the third quarter. XRP is steadily regaining the market share it lost in the United States as a result of its legal dispute with the SEC. Fresh data indicates that the US now constitutes just 5% of the global trading volume for the token. Consequently, some analysts are now considering the possibility of XRP reaching $1 within this month.
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