Faysal Bank Limited (FBL), one of the largest private sector banks in Pakistan, has joined RippleNet, according to the bank’s CIO Dato Arif Siddiqui. The purpose of the freshly-inked deal it to provide those Pakistanis that reside overseas with the possibility to send cheap and affordable cross-border payments.
Faysal Bank will rely on Ripple’s enterprise software called xCurrent. This means, however, that the bank will not utilize the XRP token for transferring different fiat currencies.
While RippleNet has more than 250 partners under its belt, Faysal Bank becomes the first Pakistani financial institution to join this extensive list. There was an official ceremony in Karachi, which was devoted to this big-name partnership.
Ripple has been making strides in the MENA region, which is known for its vast wealth, for quite a while. As reported by U.Today, the San Francisco-based startup earlier teamed up with the National Bank of Kuwait (NBK).