Abu Dhabi Bank Picks Ripple for Its Blockchain Remittances
United Arab Emirates’ National Bank of Abu Dhabi (NBD) has unveiled a partnership with Ripple to begin cross-border remittances via blockchain technology. UAE Taps Bank-Blockchain Pioneer. The move, announced Wednesday, means NBD is the first Middle East and North Africa sector bank to commence operations with the technology. “Blockchain technology transforms and paves a new way in achieving our goals and better serve our customers, adding value through accessibility and transparency,” CPI Financial quotes Ramana Kumar, Managing Director & Head of GTB Business and Product Management as....
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Abu Dhabi’s largest bank has begun offering a new cross-border transaction service in partnership with distributed ledger startup Ripple. The National Bank of Abu Dhabi (NBAD), the emirate’s biggest bank and one of the largest in the UAE, said today that it has integrated Ripple’s technology into its own systems, allowing for intrabank transfers for NBAD customers. Vineet Varma, NBAD’s managing director and head of global transaction banking, said in a statement: “We’re always exploring new ways to enhance our customers’ experience. With blockchain, we hope that we could address the needs....
In an apparent snub to Ripple, Thailand’s oldest bank, Siam Commercial Bank (SCB) is set to open a new cross border remittances corridor in partnership with Lightnet, a fintech company that uses the Stellar blockchain. SCB says the partnership opens the door for more efficient cross border funds transfer from South Korea to Thailand. Before choosing Lightnet, SCB teamed up with Ripple’s partner Azimo in April to open a payment corridor between Thailand and Europe by using the Ripplenet. However, in announcing the new partnership, an executive with SCB lauds the new service....
Royal Bank of Canada (RBC) has revealed it is working on a new proof of concept (PoC) for distributed ledger-based remittances using technology offered by industry startup Ripple. The announcement comes via a new Deloitte Tech Trends publication in which the professional services firm discussed how it worked with RBC as it sought to better understand distributed ledger technology and how it could be applied to remittances. RBC and Ripple, Deloitte said, are now working on a "limited production" PoC with the goal of evaluating how the distributed ledger trial could impact other....
CoinDesk published a news item this week that, at first, seemed pretty ordinary. Dig deeper, though and you uncover an unusual development that highlights intriguing socio-economic and geopolitical trends. To begin, let’s look at the "what, where and why". The What. A bank is implementing a blockchain-based cross-border payments system. The National Bank of Abu Dhabi (NBAD), the second largest lender in the United Arab Emirates (UAE), announced it would introduce real-time cross-border payments using Ripple technology – a move that makes it the first bank in the Middle East to do....
ABU DHABI, United Arab Emirates — The Bitcoin Conference Abu Dhabi organizers hope to make the UAE a center for fintech, Bitcoin and blockchain innovation in the Middle East with its upcoming conference in Abu Dhabi on December 8, 2016. In a press release, conference organizers noted that government agencies and businesses have expressed early interest in fintech, with over 30 firms and organizations starting work on fintech proof-of-concepts in 2016. Furthermore, financial authority Abu Dhabi Global Market released a consultation paper in 2016 outlining plans to “create a sandbox....