Israel's largest financial services company, GMT, has joined the Ripple network. Founded in 2001, GMT has 250 branches in Israel alone, specializing in money transfers, medical insurance for tourists and foreign workers, currency exchange, prepaid card issuance, and other financial services. GMT's partners include companies such as MoneyGram, AmericanExpress, CIBC, Earthport, AKBANK and PrivatBank, some of which already cooperate with Ripple. As GMT noted in a statement, both companies share similar business philosophies, and this helped them reach an agreement during the negotiations. "After a long and thorough process, GMT was chosen as Ripple's representative in Israel, joining the startup and its partners in building a global financial system using advanced technologies and benefits such as transparency and affordable prices," the statement reads. At this point it is unknown which solution of the California startup GMT will use — xCurrent or xRapid.
Recall that earlier Ripple, whose network unites more than 150 financial institutions, strengthened its business ties in another part of the Near and Middle East region. Several banks of the Persian Gulf countries joined the RippleNet network, including Kuwait Finance House and NCB, and the UAE Exchange company from the UAE intends to launch a cross-border transfer service based on Ripple technology. The American startup has already announced plans to open an office in the region.
