Ripple teamed up with UAE-based exchange company Al Ansari, expanding its presence in the MENA region.
According to an announcement on October 20, Al Ansari Exchange will connect with leading money transfer technology company MoneyMatch to provide same-day remittances to Malaysia via RippleNet Cloud — Ripple’s global cloud-based financial network technology.
In short, the Dubai-based exchange company will use RippleNet Cloud to establish a remittance corridor between the UAE and Malaysia. This means payments sent through Al Ansari Exchange will be received by MoneyMatch.
In addition, Al Ansari Exchange will enable the payments to the Malaysian Ringgit. Also, it will add the Australian dollar and the Brunei dollar later on.
Ripple team says,
"This service will initially support transactions in Malaysian Ringgit (MYR), with plans to support the Brunei dollar (BND) and the Australian dollar (AUD) in the future."