Alfalah Exchange in Pakistan and Lulu Exchange in the UAE have partnered to streamline remittances using RippleNet

The world of cryptocurrencies continues to grow in size as more nations become aware of its possibilities. Pakistan has also been a proponent of the technology, and the government has been under growing pressure to control it.

While the nation was developing its action plan, its largest bank, Alfalah, formed a strategic collaboration with the United Arab Emirates’ LuLu Exchange. This Abu Dhabi-based exchange has a long history of providing financial services and was looking to speed and expand cross-border remittance payments using RippleNet.

According to sources, the strategic relationship would enable remittances to flow between the UAE and Pakistan, marking the Pakistan-based Alfalah’s first payment integration. This would enable a sizable portion – approximately 15% – of the Pakistani community in the UAE to make rapid, cost-effective migrations. Additionally, the study said,

“As part of their development strategy, Bank Alfalah will use this FinTech effort as a testbed for group deployment with sister companies of Lulu Exchange in Bahrain, Oman, Kuwait, Qatar, Singapore, and Malaysia.”

Intriguingly, RippleNet has been integrating various banks from emerging markets to provide cross-border services. Pakistan’s sixth-largest bank provided another chance for it to expand its reach in the Asia-Pacific region. According to Brooks Entwistle, RippleNet’s Managing Director for APAC and MENA, Pakistan was one of the top remittance markets, and the company was hoping to expand its presence into new markets by 2022.

Meanwhile, Pakistan’s Sindh High Court has granted the Imran Khan-led government a three-month period to regulate cryptocurrency. This decision was issued in October, which means that by the end of January 2022, the Pakistani government should be able to provide some clarification and provide regulatory standards for cryptocurrency aficionados.

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