According to the latest developments, one of Ripple Labs' strong partners in the UAE – Al Fardan Exchange LLC – joined Wall Street banking giant JPMorgan on Tuesday, December 6. Al Fardan is one of the leading licensed and regulated platforms in the UAE for money transfers and currency exchanges.
The two operators will work to facilitate same-day money transfers for UAE corporate customers. As a result, clients of Al Fardan Exchange will have access to different currencies such as US Dollar, Pound Sterling, Euro, South African Rand and more.
Al Fardan Exchange entered into a partnership with Ripple earlier this year in January 2022. But with Al Fardan Exchange and JPMorgan entering into a partnership, there is a chance that both financial giants could explore Ripple services in the future.
The XRP standard (here you find the quotation real-time) from Ripple is one of the most requested solutions by global banking institutions for cross-border settlements. In the latest development, Australia's largest financial conglomerate, CommBank, said it plans to adopt Ripple's XRP and ISO 20022 standard for cross-border payments.
However, we do know that JPMorgan has its own blockchain platform that facilitates cross-border transactions using the native JPMCoin. Therefore, the possibility of them using Ripple's XRP standard remains limited for now.
Al Fardan's bag recently celebrated its 50th anniversary on the market. Furthermore, it has also launched its own AlfaPay application. As a result, the company offers its customers "a branch in your pocket", providing them with secure and seamless transactions.
Ripple's push into the global banking space
San Francisco-based blockchain startup Ripple is trying to make inroads into the global banking space as the industry moves away from traditional solutions. Its blockchain-based RippleNet solution is already trusted by more than 200 traders worldwide.
Recently, Ripple has shown a willingness to participate in the trillion-dollar CBDC market. Central bank digital currencies (CBDCs) have been the subject of great interest from major global economies. Ripple recently released its own CBDC whitepaper, offering a comprehensive framework for implementing CBDCs.
Ripple is confident that its XRP Ledger can manage stablecoins and CBDCs for billions of people around the world. She noted that:
XRPL's built-in Authorized Trust Lines feature also ensures that stablecoins and other issued tokens can only be held by accounts authorized by the issuer itself, for an extra layer of security.
Additionally, Ripple is forging key partnerships with global banking institutions. Ripple CEO Brad Garlinghouse recently said that Bank of America is willing to use Ripple's liquidity-on-demand (ODL) products. However, they are waiting for Ripple to settle its court case with the US SEC.