Faysal Bank Limited – which claims itself as one among the premier banks in Pakistan – has penned a partnership with Ripple, the blockchain payment firm. It has now become the first bank in Pakistan to employ Ripple’s technology xCurrent.
First Bank in Pakistan Adopts Ripple
Today, On September 6, 2019, official social media handle of Faysal Bank confirms that they’ve recently introduced digitally enabled solutions for its customers following the partnership with Ripple.
Though the crypto community is quite familiar with Ripple’s approach towards the banks and its partnership with multiple financial institutions so far, for Pakistan, it is the first initiative to work with Ripple.
Subsequent to the partnership, Faysal Bank has now become the first bank in Pakistan to sign up a contract with Ripple and to employ xCurrent for its cross-border and other financial services. The bank officially states that the ceremony of a successful partnership between Faysal Bank and Ripple was held in Karachi, the largest business city of Pakistan. The Bank tweeted;
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.
What’s More in the Box?
As always, XRP community was quick to react with their positive opinions and also quick research on the latest partnership. While one member of XRP community recalled Ripple CEO Brad Garlinghouse’s statement who once said, “we’re entering the walking phase,” other member said, “Ripple has 250 banks”.
Moreover, Dato’ Arif Siddique – who is according to his Linkedin profile – a Banker, CIO, CDO, digital inclusion innovator, and digital Transformation – says, the partnership will help Pakistanis to access to faster, secure and affordable remittance service from Faysal Bank. Besides appreciation on Twitter, the bank also engrossed many admiring views from the community on Linkedin social media network. One such user on LinkedIn says; “very encouraging to see Pakistani banks Taking such initiatives.”
Founded in 2012, Ripple’s products have become the alternative yet most affordable solution for global banks and institutions in offering convenient cross-border services to their customers.
While Ripple is joining hands with new market players across various countries of the world, it has also recognized as the hottest company in the United States to work. Accordingly, LinkedIn featured Ripple in its yearly list of “50 hottest US companies,” and the recognition was the second time in a row.
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