BankDhofar, RippleNet Launch Mobile Banking Payments From Oman to India
- BankDhofar will use RippleNet to connect with IndusInd Bank in India.
- Customers will be able to send up to $2,600 instantly to deposit accounts in India.
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According to a Ripple announcement from 26 May, BankDhofar will use RippleNet to connect with IndusInd Bank, a leading private sector bank in India. The partnership will enable cross-border transactions made with the BankDhofar Mobile Banking App to be processed instantly, cost-effectively, and with end-to-end visibility.
“More than ever, people need to send money to loved ones abroad,” said Navin Gupta, Managing Director of South Asia and MENA. “Ripple is excited to partner with BankDhofar and IndusInd Bank to enhance the cross-border payments experience from Oman to India to be easier, cheaper, and more reliable with blockchain technology.”
A report from the World Bank Group showed that India is the largest remittance-receiving country in the world, estimating that it received $76 billion in 2020 alone. BankDhofar will enable customers to transfer approximately $2,600 to deposit accounts in IndusInd Bank instantly.
Abu Baker Karim Al Balushi, the Head of Digital Banking at BankDhofar, said that the service will enable BankDhofar to offer a range of new products and instant payment services.
- A federal judge ruled that the sale of XRP through exchanges and algorithms did not qualify as selling securities, which could have a major impact on several SEC lawsuits.
- The institutional sale of the token, however, did violate federal securities laws, and the lawsuit between the SEC and Ripple will have to go to trial.
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- These documents are seen as central in Ripple’s battle against the SEC, which in 2020 accused the company of selling its XRP token without registering it as a security.
- The documents in question are internal emails, text messages, and expert reports that followed Hinman’s 2018 speech, in which he said ETH and BTC were not securities.
- The exchange argues that the SEC failed to provide a “fair notice” that selling XRP was illegal, and that it previously made public statements that those transactions were lawful.
- Coinbase also pointed out that the SEC is yet to provide clear guidance to crypto businesses, and that it keeps being inconsistent about its enforcement approach.