Pyypl announces new collaboration with Ripple

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Pyypl, a financial technology company based in the United Arab Emirates, has announced that it will use the RippleNet service as part of a push for better international money transfers in the Middle East/Philippines payment corridor.
  • RippleNet aims to allow the two firms to provide a higher number of fund transfer options between countries and reduce the reliance on pre-funded accounts.
  • “The establishment of yet another first-to-market ODL launch demonstrates that digital assets will play a central role in the future of global payments,” said a senior spokesperson at Ripple.

Pyypl, a leading online money transfer name, has confirmed that it will be the latest company to pair up with US blockchain-powered service Ripple.

Pyypl, which is a financial technology company based in the United Arab Emirates, will use the RippleNet service.

RippleNet will power an on-demand liquidity solution between the Philippines and the Middle East.

This means that it will rely on Ripple’s XRP cryptocurrency.

This cryptocurrency works by ‘bridging’ two fiat, or real-world, currencies.

This in turn allows increased fund transfer options between countries.

It also means that there will be less need for pre-funded accounts to exist in the destination nation.

In a statement, a senior figure at RippleNet said that the Middle East was a key geographical area of focus for the firm.

Brooks Entwistle, RippleNet’s managing director in the Asia-Pacific and Mena regions, said that the environment there was “welcoming” in terms of regulation.

“The Middle East and North Africa continues to be a critical region for Ripple thanks to … a welcoming regulatory environment and a regional focus on the needed improvements in the current financial system,” he said.

He went on to say that this was an example of another “first-to-market” provision of on-demand liquidity, highlighting the importance of international payments.

“The establishment of yet another first-to-market ODL launch demonstrates that digital assets will play a central role in the future of global payments.”

A senior figure at Pyypl said that the company was “excited” about the development and the connection with Ripple.

Antti Arponen, the firm’s co-founder and chief executive, said that customers could now make instant payments when using the service.

“We are excited to be Ripple’s first partner of choice to bring the deployment of ODL to the Middle East. This enables our users to deliver remittances instantly and cost-effectively,” he said.

He added that on-demand liquidity allowed users to tackle inefficiencies.

“We have also reduced our inefficient use of capital through ODL and look forward to an exciting roll-out of its capabilities across the region.”

Pyypl, which is based in the UAE, works to promote digital payments for around one billion users of smartphones in the Mena region.

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