The legal dispute in the US does not stop the progress of Ripple that thanks to partnering with the largest bank in Morocco, Attijariwafa Bank, consolidates its presence in the Middle East and North Africa (MENA) region, according to Anjali Jain at Ambcrypto.
Attijariwafa Bank, the largest banking institution in Morocco with almost $53.3 billion in assets under management, Joined the red RippleNet to improve its payment systems, according to local media. This will allow Attijariwafa Bank and its partner banks that are also part of the network to make blockchain-based payments.
This also aims improve the bank’s remittance network, which could be the need of the hour considering the significant number of the Moroccan diaspora spread across the world. The bank will be able to take advantage of Ripple’s large network of over 200 banks worldwide by receiving instant transfers through additional transactional portals.
In a statement, the Corporate Cash Management Manager of the bank, Adnane Driouech, noted that Attijariwafa had already been experimenting with a number of modern payment solutions and that its partnership with Ripple has now also positioned it as a leader in blockchain payments in the region.
RippleNet has been aggressively increasing its presence in the Middle East and North Africa (MENA) region, particularly due to the large number of expats and migrant workers who live there, and its own large diaspora around the world. The opening towards fintech regulation is also a factor that could be working in favor of MENA.
Ripple had previously been associated with the qatar national bank to open a remittance corridor with Turkey. The blockchain solutions company has attempted to facilitate cross-border payments through its on-demand liquidity (ODL) brokers also in other countries, such as Pakistan and the United Arab Emirates.
These partnerships together allowed Ripple to have a record breaking 2021 despite headwinds from the SEC, whose legal battle shows no signs of stopping any time soon.
Ripple is trading at $0.7420 and Ei indicators are mostly bearish.
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