Bank Alfalah, one of Pakistan’s largest private banks, has joined forces with Abu Dhabi-based remittance and foreign exchange company LuLu Exchange to create a remittance corridor. Payments between the two countries will be made with the help of the RippleNet Cloud service. As Ripple technology continues to grow, it will facilitate remittance transactions between these countries.
Earlier this year, LuLu Exchange also opened remittance corridors to India and Egypt.
Pakistanis make up about 12.5% of the total population of the United Arab Emirates. The UAE is also the second largest source of remittances for Pakistan.
Bank Alfalah CEO Atif Bajwa said in a statement that Ripple will help strengthen financial bridges between the two countries:
“Partnering with RippleNet will help further our partnership with Lulu Exchange and strengthen financial bridges between Pakistanis residing in the UAE and their families at home.”
Saudi British Bank also started using Ripple technology to provide instant payments to corporate customers earlier this month. Although blockchain giant Ripple is involved in a legal battle with the SEC, it continues to forge partners globally who want to use RippleNet to facilitate cross-border transfers.