Attijariwafa Bank, Morocco’s Largest Bank, is the latest MENA (Middle East and North Africa) bank to join RippleNet
According to a recent report by Boursenews, Attijariwafa Bank, Morocco’s largest banking institution with $53.3 billion in assets under its management, has joined the RippleNet network.
The collaboration will enable the bank to carry out real-time transactions with its partners.
Attijariwafa Bank also announced a partnership with Thunes, a Singapore-based business-to-business (B2B) cross-border payments network.
Other banking partners of RippleNet include Santander, Bank of America, IndusInd Bank, Banco Rendimento etc.
Last month, CEO Brad Garlinghouse announced that Ripple had its best year to date with On-Demand Liquidity, a payment solution that uses XRP as a bridge currency and currently accounts for a quarter of all transactions.
Talking about the collaboration, Adnane Driouech, head of international cash management at the Rabat-based bank, describes blockchain as a “fast and seamless” way to transfer money.
Attijariwafa Bank, whose shares are traded on the Casablanca Stock Exchange, has branches in England, China, Madrid, Tunisia, etc. It has more than 4,900 branches in other countries.
Ripple’s strong presence in the Middle East
Ripple has been focusing on the Middle East and North American countries for years. The region has become the living space of the company, which is in a difficult situation due to legal problems in its field.
In late 2018, the National Bank of Kuwait launched a remittance service powered by Ripple. The National Bank of Egypt also joined the RippleNet network in May of last year.
In an interview with Bloomberg in October, Garlinghouse said that the Middle East is Ripple’s fastest growing region. This announcement came shortly after Ripple announced a partnership with a Dubai-based foreign exchange firm called Al Ansari Exchange.