In an attempt to provide overseas Pakistanis with affordable and safe ways for sending remittances to Pakistan, Faysal Bank Limited (FBL) has become the first Pakistani bank to partner with the US-based startup, ‘Ripple’, which currently has partnerships with 250 banks worldwide. FBL will use Ripple’s software technology named xCurrent, which will provide Pakistanis living abroad with a safe, fast and affordable way for the transfer of money.
The bank confirmed the deal on September 6, 2019, and wrote on their twitter account that, Faysal Bank introduces a digitally enabled solution for its customers through partnering with Ripple. With this partnership, fast, secure and convenient cross borders payment can be made. The ceremony was held in Karachi, under the leadership of Mr. Yousaf Hussain, P&CEO-FBL.”
Mr. Dato Arif Siddiqui FBL’s CIO and CDO, said on his Twitter account that, “FBL becomes the first bank in Pakistan to sign up contract with Ripple (xCurrent). It will help all overseas Pakistanis to send remittance faster, safer and in an affordable way in just a few minutes into their FBL account. Ripple is having 250 banks and Forex agencies access worldwide, and the fastest technology xCurrent will open doors and convenience to overseas Pakistanis