Ripple’s latest bank signing is a big one in the MENA banking region, famed for its vast wealth and commodities like oil and gold.
Faysal Bank is based in Pakistan, they currently operate in more than 150 cities, has 450 branches and serve a population of almost 200 million.
MENA is an English-language acronym referring to the Middle East and North Africa region. An alternative term for the same group of countries is WANA (West Asia and North Africa). The term covers an extensive region stretching from Morocco to Iran, including all Mashriq and Maghreb countries. This toponym is roughly synonymous with the term the Greater Middle East.
During 2020 the bank aims to increase its number of branches to 700, likely with the remittance savings that RippleNet will grant them.
Faysal Bank Ltd (FBL) is one of the largest private sector banks in Pakistan and is the first of probably many banks to sign up to Ripple.
Although the bank will be using xCurrent, Ripple made it incredibly easy to make the switch to xRapid once confidence in the technology has rooted itself. SEE BELOW
Faysal Bank introduces a digitally enabled solution for its customers through partnering with Ripple. With this partnership, fast, secure and convenient cross border payments can be made.
Yousaf Hussain | CEO Faysal Bank
Earlier this year Ripple signed the National Bank of Kuwait to its rapidly growing list of 250+ working partners, making Faysal Bank one of a growing list of MENA countries joining the Ripple Revolution.
New Signing - Price Stays Same?!
To end the story let us just say we feel your pain, every day a new Ripple signing and yet the price does not change, there are many reasons for this.
One major factor revolves around the use of XRP on the xRapid platform rather than xCurrent, please bear in mind that all those using xCurrent are still testing out the technology without risk.
xCurrent 4.0 is live. We’re working to get all customers upgraded, but it’s a complex process. Multihop, xRapid support, much easier peering, and a much easier customer integration process are the major new features
David Schwartz | Ripple CTO
One by one you will slowly start to see companies and banks such as Santander make the switch from xCurrent to xRapid with the flick of a switch.
The latest update to xCurrent made this changeover not only possible but simple to implement, as this transition happens you will see waves rather than Ripples in the price of XRP.