The Attijariwafa Bank, Morocco’s largest bank with $53.3 billion in assets under management, has joined RippleNet, a decentralized global network of banks and payment providers using Ripple’s distributed financial technology, to improve its payment systems, according to local news media.
This capability will enable Attijariwafa Bank and its partners, who are also part of the network, to make blockchain-based payments.
The move is also intended to improve the bank’s remittance network, which may be vital considering the significant diaspora of Moroccans living worldwide. By receiving instant transfers through additional transactional portals, the bank will be able to profit from Ripple’s global network of over 200 banks.
As a result of Ripple’s involvement in a lawsuit by the Security Exchange Commission, the blockchain company has drawn more attention to foreign partnerships. Several banks around the world have used Ripple to transform their payment channels during this time.
In a statement, the bank’s Corporate Cash Management Manager, Adnane Driouech noted that Attijariwafa was already investigating a number of modern payment solutions, but that its partnership with Ripple has now established it as a top provider of blockchain payments in the region, he concluded.
The rippleNet network has aggressively expanded its presence in the Middle East and North Africa (MENA) region, due to a large number of expats and migratory workers living there, as well as their own large diaspora. Another factor that may be working in MENA’s favor is its openness to fintech regulation.
Ripple had previously opened a remittance corridor with Turkey in cooperation with Qatar’s national bank. Through its On-Demand Liquidity (ODL) corridors, the blockchain solutions provider has attempted to facilitate cross-border payments in other countries as well, such as Pakistan and the UAE.
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