Pakistan: Ripple (XRP) Partners with Major Islamic Commercial Bank | BTCMANAGER
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According to a Crowdfund Insider report published on September 8, 2019, major Pakistani bank, Faysal Bank Limited (FBL) has partnered with fintech firm, Ripple Inc. to launch a blockchain-powered digital payments solution.
Enabling a Blockchain Economy
One of Pakistan’s largest commercial banks, FBL has more than 220 retail branches across Pakistan with assets under management (AuM) in excess of $1.5 billion.
Per the report, FBL’s partnership with the U.S.-based distributed ledger technology (DLT) firm came to light on September 6, 2019, when executives from the two companies congregated in Karachi for a business meeting. FBL’s president, Yousaf Hussain attended the said meeting, the report adds.
Faysal Bank introduces a digitally enabled solution for its customers through partnering with Ripple. With this partnership, fast, secure and convenient cross border payments can be made. The ceremony was held in Karachi, under the leadership of Mr. Yousaf Hussain, P&CEO- FBL. pic.twitter.com/qjyrm5sk05
— Faysal Bank Limited (@faysalbankltd) September 6, 2019
With this partnership, FBL joins more than 200 financial institutions and banks the world over that are currently a part of the RippleNet universe. For the uninitiated, RippleNet is Ripple’s enterprise-grade decentralized digital money transfer solution that enables frictionless, cost-effective, and transparent transactions among financial organizations.
Over recent years, Pakistan has been a witness to a number of digital payments solutions. As previously reported by BTCManager on January 10, 2019,