Oman-based BankDhofar goes live on Ripple’s blockchain network ‘RippleNet’

Oman-based BankDhofar has started using Ripple’s technology for cross-border payments to India, Cointelegraph reported.

Navin Gupta, the managing director of South Asia and MENA at Ripple, made the announcement via a tweet:

Congratulations! to Bank Dhofar - Live on Ripplenet. Now Non Resident Indians (NRI's) living in Oman can App money back home in real-time. #bankdhofar #ripplenet @Ripple pic.twitter.com/HBbSGh6tQD

— Navin Gupta (@navinblockchain) February 17, 2019

Last year, BankDhofar became the first bank in Oman to join RippleNet, Ripple's enterprise blockchain network with over 100-member banks and financial institutions.

According to the latest announcement:

“BankDhofar…is the first bank in the Sultanate to go-live with Ripple’s global enterprise network – RippleNet. BankDhofar customers will be able to transfer money abroad instantly using BankDhofar Mobile banking App.”

The bank also stated that international transaction to India was successfully performed in less than 2 minutes.

Earlier this month, UAE Exchange and Unimoni – part of Finablr’s network brands – also went live on RippleNet, using the technology for facilitating seamless cross-border transactions to Thailand.