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.