Ripple’s Partner Reaches Agreement with Largest Islamic Bank

Ripple’s partner, Texas-based money transfer company MoneyGram, signed an agreement with the Islamic banking institution Al Rajhi Bank, which is responsible for asset management of $ 88 billion.

Thanks to this strategic partnership, MoneyGram can easily enter the Saudi Arabian money market. MoneyGram management interprets the signed agreement as an important milestone for the future of the company.

In January, MoneyGram reached an agreement with Suez Canal Bank, one of Egypt’s leading commercial banks, and in line with this agreement, customers had the opportunity to send money directly to their local bank accounts.

For MoneyGram, which has just entered an area where Ripple is very strong, experts argue that the agreement is a delayed agreement.

The current goals of both MoneyGram and Ripple as a company are to expand their activities towards the Asia-Pacific region. In the past days, both companies joined their forces and entered the South Korean remittance market.