Ripple partners with major Pakistani commercial Bank

The American cal Startup Ripple already has a large network of partners, which now has more than 200 institutions are members. Ripple is trying worldwide to achieve a clear regulatory framework for the use of their technologies and of crypto-currencies Yesterday a new partnership was announced.

The Pakistani ashes Faysal Bank Limited (FBL) entered into a partnership with Ripple, a digital Zahungslösung to introduce. The FBI is according to own data of the company for one of the largest private banks of Pakistan and has more than 220 branches in the country. The business is specified assets of 1.5 billion USD. On 06.09.2019 the partnership with a Meeting in Karachi (Pakistan’s city) was proclaimed in the presence of the President and the CEO of Faysal Bank, Yousaf Hussain,. So the Faysal Bank one of the largest payment networks in the world. The FBI is hoping, above all, faster and more cost-effective transactions using Ripple’s technology can.

Faysal Bank introduces a digitally enabled solution for its customers through partnering with Ripple. With this partnership, fast, secure and convenient cross border payments can be made. The ceremony was held in Karachi, under the leadership of Mr. Yousaf Hussain, P&CEO – FBL. pic.twitter.com/qjyrm5sk05

— Faysal Bank Limited (@faysalbankltd) 6. September 2019


Details regarding Faysal Bank and Ripple’s partnership have not been released at time of writing.
The Bank has been involved in the development of digital money in Pakistan and played a leading role in this area. In the year 2017, the FBI was the first commercial Bank in Pakistan, which brought up a digital map on the market. As a result, the volume increased in the case of Online payments and E-Commerce purchases significantly. In addition, last month organised a one-day Event that revolved solely around digital money, in order to create a mass awareness of digital money.

The Pakistani legislator has so far not developed a clear set of guidelines for cryptocurrency transactions. Last year, the country’s Central Bank, the State Bank of Pakistan (SBP), all of the local financial institutions are encouraged to stop, services for private persons and companies that trade in crypto currencies. Banks around the world see great opportunities and potential in the digital money, not only in Pakistan. However, the attitude of the Central Bank in Pakistan shows that not all financial players currencies are equally open to Crypto and block chain technology show.

In a recent report by the international monetary Fund (IMF) describes Christine Lagarde, Head of de IMF, the development of new technologies needs to be ensured and there must be no obstruction to the existing opportunities and potentials (freely translated:

In this environment, the Central banks and Supervisory authorities must ensure the safety of the financial sector, but also open to the opportunities of the change.

In the case of new technologies – including digital currencies – this means that one is aware of the risks in relation to financial stability, privacy, or criminal activities and to ensure that appropriate regulation is in place to direct the technology in the direction of the common good. But it also means to recognize the wider social Benefits of innovations, and to give them space for their development.

Primarily financial stakeholders on a daily basis in contact with new developments and Trends, such as crypto-currencies, attention should be brought. The development of a Central Bank backed digital currency you can be both. It remains to be seen whether and when this new information is available.

Fearured Image: Aleksey Ivanov | Shutterstock