BANK OF OMAN BANKDHOFAR WILL USE THE TECHNOLOGY RIPPLENET

The second largest Bank in terms of capitalization, Oman BankDhofar, whose total income in 2017 reached $ 28.2 million, announced the beginning of the use of RippleNet technology for international transfers to India.

RippleNet is a payment network based on blockchain technology and designed for institutional clients and organizations. The platform is used by more than 200 clients, 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. Indian citizens who live in Oman and do not have resident status 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) allowed the use of RippleNet technology for online banking.