Ripple-friendly companies are expanding via big new collaborations

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • The global leader in cross-border P2P payment and money transfer, MoneyGram has driven a deal of partnership with the digital wing of IME Ltd of Nepa
  • Bank of Bahrain is now live with Finastra’s treasury management solution
  • At this instance, the settlement flow in Nepal is estimated over $8 billion, which makes the country one of the largest remittance markets in Asia

Ripple-friendly brands, MoneyGram and Finastra are collaborating with new big institutions to offer a new solution of treasury management and expands to new markets. The global leader in cross-border P2P payment and money transfer, MoneyGram has driven a deal of partnership with the digital wing of IME Ltd of Nepal. Whereas Finastra, the 3rd largest fintech company in the world is chosen by the Bank of Bahrain for strategic collaboration.

Why did MoneyGram partnered with IME Digitals?

MoneyGram and IME digitals partnership will bring access to the millions of IME clients in Nepal, to MoneyGram’s platform for digital payments via the IME Pay mobile app. This will help the customers in Nepal to send and receive funds using their mobile wallets. Now a million clients of IME will be able to live easier lives by accessing the tech via RippleNet.

IME Nepal stated that through MoneyGram digital and walk-in-channels, this will enhance the experience of their users, they also expect that through IME Pay app their customers can directly claim remittance.

Hem Raj Dhakal, Chairman of IME digitals, mentioned that customers can now use their services from the comfort of their house, by having the option of receiving remittance directly into their wallets and can make necessary fund transfer using various types of options.

Riz Sohail, head of Global Strategic Sales at MoneyGram, highlighted that they are proud to partner with IME digital Nepal and enable millions of people with the option of claiming money into their wallets. 

At this instance, the settlement flow in Nepal is estimated over $8 billion, which makes the country one of the largest remittance markets in Asia. It has also been learned that, for MoneyGram, Nepal is the only key focused market within the South Asian region.

Bank of Bahrain chooses Finastra to future-proof treasury business

Bank of Bahrain is now live with Finastra’s treasury management solution. The partnership will enhance and automate the bank’s treasury and trading operations, this solution is called Fusion Kondor. Finastra has been a partner with Ripple and now chosen as a strategic partner by the International Bank of Bahrain. With the automation of banks treasury and trading operations, the bank also intends to utilize it’s the solution to price calculation and risk management tasks. With that, the Finastra’s Fusion Kondor will also make the process of payments settlement much faster. So the bank could enable its customers with new products.

According to Maha Al Mahmood, Head of Capital Market Sales at National Bank of Bahrain, the bank is putting its full effort to bring as many innovations as possible, to digitize and automate their business. He also highlighted that their relationship is a strategic one, and they hope that they can continue to build the bank of the future.

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