Al Fardan Exchange partners with JP Morgan

Thursday 8 December 2022 09:07 CET | News

UAE-based Al Fardan Exchange has joined hands with JPMorgan to offer transfers in multiple currencies to corporate customers.


As per the latest development, one of Ripple Labs’s strong partners in the UAE – Al Fardan Exchange – has joined forces with Wall Street banking giant JPMorgan on 6 December 2022. Al Fardan is one of the licensed and regulated platforms in the UAE for money transfers and currency exchanges.

UAE-based Al Fardan Exchange has joined hands with JPMorgan to offer transfers in multiple currencies to corporate customers.


Fast transfers in multiple currencies

The two players will work to facilitate a same-day money transfer facility for UAE’s corporate customers. As a result, customers of Al Fardan Exchange will have access to currencies in multiple currencies such as the US Dollar, Sterling Pounds, Euros, South African Rands, and others.

The Al Fardan Exchange entered into a partnership with Ripple earlier this year in January 2022. But with Al Fardan Exchange entering into a partnership with JPMorgan there lies a possibility that both financial giants could potentially explore Ripple services in the future.

Possible of cooperation between JPMorgan and Ripple?

Ripple’s XRP Standard is one of the most sought-after solutions used by global banking institutions in cross-border settlements. In the latest development, the Bank of Australia’s largest financial conglomerate, CommBank, said that they would be Ripple’s XRP and ISO 20022 standard for cross-border payments.

But for a fact, we know that JPMorgan has its own blockchain platform that facilitates cross-border transactions using the native JPMCoin. Thus, the possibility of them using Ripple’s XRP Standard remains limited as of now.

The Al Fardan Exchange recently celebrated its 50th anniversary in the market. Besides, they also launched their own application AlfaPay. As a result, the company offers its customers a branch in the pocket while providing them with seamless and secure transactions.

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Keywords: blockchain, money transfer, Ripple, XRP, cross-border payments
Categories: DeFi & Crypto & Web3
Companies: Al Fardan Exchange, JP Morgan
Countries: United Arab Emirates
This article is part of category

DeFi & Crypto & Web3

Al Fardan Exchange


JP Morgan

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