Ripple continues to strengthen its position in the world of financial technology. Ripple is actively working to achieve its goals, offering customers high-quality and reliable technology. Ripple’s projects are extremely efficient and functioning without interruption. Promoting Ripple through partners using its technology is also important. Ripple’s indirect partnerships can also gradually bring meaningful results. Thus, the partner of Ripple MoneyGram strengthens its presence in Egypt through cooperation with Suez Canal Bank.
Ripple Continues Strengthening: Details of MoneyGram’s collaboration with Suez Canal Bank
A key partner of Ripple MoneyGram strengthens its presence in Egypt through cooperation with Suez Canal Bank. Now, Egyptians will have the opportunity to better and more reliably transfer funds thanks to a Ripple partner. It is worth noting that Egypt is the fifth largest market for financial transfers. Therefore, such a deal for Ripple, even in an indirect form, is quite profitable. MoneyGram uses Ripple ODL technology, that is, liquidity on demand.
Earlier, MoneyGram repeatedly emphasized the great commercial profitability of liquidity on demand from Ripple. Therefore, it is likely that in the case of cooperation with Suez Canal Bank, the Ripple ODL project will be involved in some way. Regarding the partnership itself, the head of MoneyGram emphasized that the company is pleased to be able to provide customers in Egypt through working with a local bank with advanced capabilities and the best service in the industry. It may also imply the direct use of Ripple ODL, as the technology was previously called MoneyGram’s foremost in the field of financial transfers.
Also, due to the fact that MoneyGram is currently consolidating in Egypt, it is likely that Ripple itself will pay more attention to this region in the future. So far, there has not been any details regarding this and clarifications from Ripple. However, things could change in the future. In particular, if customers of Suez Canal Bank really use liquidity on demand for financial transfers, then there is a certain likelihood that this bank itself will enter into further cooperation with Ripple.
Or Suez Canal Bank can test or test Ripple technologies, working out the likelihood of cooperation over time. Similar cases regarding Ripple technology have previously taken place. Nothing can be said for sure yet, however, the fact that Ripple will continue to advance in the world by integrating its projects in institutions of different countries is an indisputable fact.