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BankDhofar Launches Cellular Banking Funds from Oman to India with RippleNet

05/26/2021

Using cell banking internationally has exploded, and the pandemic has supplied an added impetus to implement extra environment friendly and efficient banking options for shoppers and companies alike. 

Whereas offering a user-friendly cell banking software ought to be seen as desk stakes for each financial institution, creating an software that delivers an environment friendly switch of funds is more and more driving a aggressive benefit and a degree of differentiation. 

This is the reason our partnership with Oman’s second largest financial institution BankDhofar comes at such an thrilling time — it’s one other proofpoint of Ripple’s imaginative and prescient of the Web of Worth to allow the world to maneuver cash like info strikes at this time. 

Driving business firsts with main partnerships

As the primary financial institution within the Sultanate of Oman to hitch our international funds community, RippleNet, BankDhofar will join with main Indian personal sector financial institution IndusInd Financial institution to drive real-time funds into India. This partnership will allow cross-border transactions made by way of the BankDhofar Cellular Banking App to be processed immediately, reliably, cost-effectively and with end-to-end visibility anyplace on the planet.

This primary-of-its-kind service in Oman is extra necessary now than ever earlier than as India continues to be the highest remittance receiving nation on the planet. BankDhofar clients will be capable to switch as much as OMR 1,000 (~approx $2,600), to deposit accounts in India immediately by way of BankDhofar’s Cellular Banking App. 

“Greater than ever, individuals must ship cash to family members overseas,” mentioned Navin Gupta, Managing Director of South Asia and MENA. “Ripple is worked up to companion with BankDhofar and IndusInd Financial institution to reinforce the cross-border funds expertise from Oman to India to be simpler, cheaper and extra dependable with blockchain know-how.” 

“At BankDhofar, we’re at all times placing digital options and innovation on the core of our technique to enhance the expertise of our clients.” mentioned Abu Baker Karim Al Balushi, Head of Digital Banking at BankDhofar. “This service will allow BankDhofar to be in a number one place to supply a variety of latest merchandise and on the spot fee providers. We sit up for activating the service to different nations internationally.”

Constructing credibility with blockchain know-how

The partnership with Ripple permits BankDhofar to enhance its clients’ satisfaction by way of maximizing operations effectivity, safety and transparency. Utilizing RippleNet has additionally reaffirmed BankDhofar’s place as a financial institution within the Sultanate that continues to innovate, additional evidenced when it joined the main blockchain consortium BankChain as the primary financial institution within the Sultanate to help greatest practices and options in blockchain.

Our growth into the Sultanate of Oman with BankDhofar is a step in the proper route to enabling interoperable cross-border funds, and to constructing a extra financially inclusive future.

RippleNet leverages blockchain know-how to assist companions throughout a world community speed up their enterprise efficiency and scale. It delivers a superior end-customer expertise, simplified community partnering, liquidity administration options, strains of credit score, and a state-of-the-art infrastructure that allows real-time funds. In case you’re a monetary establishment on the lookout for a aggressive benefit to drive the expansion of your enterprise, contact us at this time.

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