MoneyGram, a money transfer service owned by Ripple Labs, has announced a partnership with Digital Financial Services. This is stated in the press release of the company.
Digital Financial Services is the operator of eWallet, a popular electronic wallet in the UAE. The company is a joint venture between Etisalat and Noor Bank, the last of which was previously acquired by Dubai Islamic Bank, the country’s largest Islamic bank.
According to the company, the new partnership will allow millions of eWallet users to make cheap and instant cross-border payments between 200 countries through an extensive network of mobile wallet, banking and local points operators.
The press release notes that through a new partnership, MoneyGram intends to expand its presence in the Middle East. CEO Grant Lines added, the UAE is one of the largest payment markets in the world.
Recall, at the end of last year, a $50 million deal was made between Ripple and MoneyGram, under which the cryptocurrency startup received a 9.95% stake in the company. During the second half of last year, MoneyGram received an additional $11 million investment from Ripple.
Ripple took the first step towards the UAE market in 2018, announcing the development of a payment system together with the local company UAE Exchange.