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Ripple partners with Pakistan-based Faysal Bank to facilitate cross-border payments

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Ripple partners with Pakistani Bank to facilitate cross border payments
Source: Pixabay

Ripple has been ignoring all the criticism it has been targeted with by a part of the crypto-community, many of whom are worried about XRP’s price, by keeping to its business of promoting its technology along with XRP. The San Francisco-based real-time gross settlement company has managed to rope in another bank to use its digital solutions for cross-border payments.

Faysal Bank Limited, a Pakistan-based Islamic Commercial bank, is the latest feather added to Ripple’s hat. The partnership was announced on 6 September, and was commemorated by a meeting in Karachi in the presence of the bank’s President and CEO, Yousaf Hussain. Faysal Bank Limited revealed brief details of the partnership on Twitter. The tweet read,

Pakistan has not yet given a green chit for crypto-operations in the country. However, according to recent reports, the nation is deliberating over regulations and licensing schemes following the FATF meeting.

At press time, an official press release expanding upon the details of this partnership was awaited.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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