MoneyGram, a key partner of Ripple, strengthens its presence in the MENA region by building partnerships with the largest Islamic bank.

According to a press release, Ripple MoneyGram partner has signed an agreement with Al Rajhi Bank, the largest Islamic banking institution, which manages assets worth more than $ 88 billion. Thanks to the latest strategic partnership, Ripple MoneyGram partner will be able to enter the money transfer market in Saudi Arabia.

MoneyGram describes this link as an “important milestone”:

This partnership is an important milestone that capitalizes on recent strategic investments in major admission markets.

Back in January, Ripple MoneyGram partner made a deal with Suez Canal Bank, one of Egypt's leading commercial banks, to provide its customers with the ability to send funds directly to their local bank accounts. It's time to go to Saudi Arabia for MoneyGram, considering that Ripple has a very strong position in the MENA region.

Both MoneyGram and Ripple are also focused on expansion in the Asia-Pacific region. Recently, both companies have taken steps to capture the South Korean money transfer market, joining forces with local fintech players. MoneyGram also uses the Ripple On-Demand Liquidity (ODL) solution to make cross-border payments to the Philippines and Australia.

It was previously known that CoinLoan added Ripple XRP to its platform.