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Ripple expands its ties in the United Arab Emirates with MoneyGram

Date: 26.06.2020

As reported by the press service of the MoneyGram electronic funds transfer service company, a part of which is owned by Ripple Labs, it is merging with the Digital Financial Services structure.
In the UAE, Digital Financial Services is a very popular eWallet wallet operator. This operator is a joint venture between Noor Bank and Etisalat. At one time, the largest bank in the UAE, Dubai Islamic Bank, acquired Noor Bank.
According to the company, this union will provide the opportunity to conduct cross-border transfers cheaply and almost instantly for millions of eWallet customers between more than two hundred countries using a network of e-wallet operators, banking institutions and individual points.
According to the press service, the new union will enable the MoneyGram service to strengthen its positions in the East. And according to Mr. Grant Lines, CEO of the company, the Emirates is one of the largest countries in the payment transactions market.
Also at the end of 2019, a $ fifty million deal was made, as a result of which Ripple received a stake in MoneyGram of about ten percent. And in the second half of 2019, the MoneyGram service received another $ 11 million from Ripple.
The head of MoneyGram, Mr. Alex Holmes, reports that at the end of autumn 2019, almost ten percent of all money transfers between America and Mexico are made using the ODL payment system with the XRP token from Ripple.
Back in 2018, Ripple began its activities in the Emirates on the basis of joint development of a payment system with the UAE Exchange service.