BankDhofar has announced that it is the first bank in Oman to join RippleNet, Ripple's enterprise blockchain network with over 100-member banks and financial institutions.

With its membership, BankDhofar would be able to access Ripple’s blockchain solution for cross-border payments, including its bi-directional messaging and instant settlement features. It will help the bank in its efforts to save customers both time and money when sending payments overseas.

“We are delighted to be the first bank in Oman to join RippleNet and access more than 100 of its member banks and other financial institutions utilizing blockchain for instant payments. With this, we can provide instant, frictionless and secure cross border money transfers within seconds, with end-to-end visibility over the journey of the payment”, said Dr. Tariq Taha, Chief Information Officer at BankDhofar.

Earlier this year, BankDhofar also joined blockchain consortium BankChain, becoming the first bank in Oman to join the initiative.

Oman's second-largest bank (by market value), BankDhofar currently has a nationwide network of 69 branches ( 59 branches of BankDhofar & 10 Branches of Maisarah Islamic Banking services) and 123 ATMs and 49 CDMs and 11 FFMs across the length and breadth of the Sultanate.