Oman’s second largest bank by market price, BankDhofar, has begun utilizing RippleNet technology for cross-border payments to India. The news was tweeted by the M.D. of South Asia and MENA at Ripple, Navin Gupta, on Feb. 16.

RippleNet is a international blockchain-based payment network of institutional payment suppliers, that was developed by technology company Ripple. In January, RippleNet enlarged its network to over two hundred customers, together with such business players as JNFX, SendFriend, Transpaygo, FTCS and euro Exim Bank.

Per the recent announcement, BankDhofar has become the primary bank within the country and one amongst the first in the region to adopt RippleNet. The technology permits the bank to supply cross-border transfers via a mobile banking application “in but two minutes,” therefore permitting non-resident Indians living in Oman to conduct period of time payment transfers.

Bank Dhofar was incorporated in 1990, later on turning into one amongst the biggest banks within the country. In 2017, BankDhofar’s revenue from banking services was reportedly $2.4 million, whereas its total revenue amounted to $28.2 million.

Earlier this month, Finablr, a world payment platform and foreign exchange operator based within the United Arab Emirates (UAE), joined the RippleNet network to complete real-time transactions to Thailand. The primary partner within the service, major Thai bank Thailand commercial bank can supposedly let UAE Exchange and Unimoni customers globally send cash to Thailand.

Last Dec, the National Bank Of Kuwait (NBK) additionally launched a cross-border remittal product supported RippleNet’s blockchain technology. National Bank Of Kuwait reportedly become the primary monetary institution in Kuwait to implement a remittal product — “NBK Direct Remit” — for international live payments supported RippleNet.

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