BankDhofar, the second largest bank in Oman, whose total revenue in 2017 reached $28.2 million, announced the launch of RippleNet technology for international transfers to India.
RippleNet is a blockchain-based payment network designed for institutional clients and organizations. The platform is used by more than 200 customers, including Euro Exim Bank, SendFriend, Traspaygo, and others.
BankDhofar was the first in the country and one of the first in the region to join RippleNet. This technology will allow the bank to make cross-border transfers using a mobile application in less than two minutes. Citizens of India, living in Oman and not having the status of a resident, will be able to receive funds from their home country, as well as send money to relatives.
Note that at the beginning of the year, the National Bank of Kuwait (NBK) authorized the use of RippleNet technology for online banking.