Commercial Bank of Ceylon expands RippleNet in South Korea and Middle East

by | Apr 28, 2021

The Commercial Bank of Ceylon has upgraded the Blockchain-based remittance channel, which the Bank launched in partnership with RippleNet, and expanded this service to South Korea and Middle East through further RippleNet partnerships.

Combank joins RippleNet

In October 2018, Combank, a Sri Lankan commercial bank, joined RippleNet to ensure that remittances would be received instantly with an end-to-end tracing and tracking solution, that the process would be transparent and tamper-proof, and that remittances of lower denominations would be viable due to the lower rates that would apply.

Combank saw many advantages in the technology: It facilitates a simplified experience for customers by offering a straightforward remittances process with the removal of multiple steps in the regular process and it provides the ability to move money on a real-time basis, leading to improved productivity. Moreover, while traditional remittance measures require a third-party that handles the authorization and release of the payment, blockchain removes the requirement for a middleman. This decentralized structure is one of the primary reasons the remittance process happens faster and costs less.

Further RippleNet Partnerships

The Commercial Bank of Ceylon revealed in its 2020 annual report, that it had upgraded the Blockchain-based remittance channel, which the Bank launched in partnership with RippleNet, and expanded this service to South Korea and Middle East through further RippleNet partnerships.

 

Some of the possible RippleNet members Combank might have partnered with are:

Sentbe, Coinone, Woori Bank, Shinhan Bank (South Korea), BFC (Bahrain), National Bank of Egypt (Egypt), GMT, Worldcom Finance, Leumi (Israel), Boubyan Bank, NBK, KFH, ABK (Kuwait), Bank Dhofar (Oman), QNB (Qatar), SADAD, Al Rajhi Bank, SABB Bank, SAMA, Al Ahli Bank (Saudi Arabia), AKBANK, Kuveyt Türk Bank (Turkey), UAE Exchange, Unimoni, FAB, RAKBANK, NBF, Al Ansari Exchange (UAE).

 

Latest News

MoneyGram CEO talks Ripple and ODL on CoinDesk

May 12, 2021
In a CoinDesk interview, MoneyGram CEO Alex Holmes spoke about MoneyGram's new partnership with Coinme but was also asked about Ripple and ODL.

XRP settlement solution generated $2M per week in revenue for MGI

May 10, 2021
After the SEC lawsuit and MoneyGram's statement that it "does not utilize the ODL platform or RippleNet for direct transfers of consumer funds – digital or otherwise" media and BTC maxis took advantage to claim that MoneyGram never used XRP.

CMC invents “time machine”, takes XRP back 5 years

May 8, 2021
CoinMarketCap, a popular price tracking website for crypto assets, has been reporting the wrong data for XRP since May 7th, slashing $17.5 billion from XRP's Market Cap.

Ripple strengthens presence in Poland

May 1, 2021
Currency One, a leading company on the online currency exchange market in Poland, has joined RippleNet.

Nubi: Powered by Ripple

May 1, 2021
Nubi is an Argentine fintech company founded in 2017. Its customers can now send and receive payments around the world efficiently, through Ripple-powered RippleNet.