According to the latest Reuters report, UAE Exchange will soon integrate Ripple’s blockchain-based payment network RippleNet. The UAE exchange is likely to start the cross-border remittance services by the Q1 of 2019.
The UAE is one of the leading global money transfer platforms while looking to expand its base in the Middle East. Promoth Manghat, CEO of the UAE Exchange expressed optimism on their partnership with Ripple.
“We expect to go live with Ripple by Q1, 2019 with one or two Asian banks. This is for remittances to start with, from across the globe into Asia,” said Manghat.
Tapping Opportunities in Asia’s Growing Remittance Market
The Asia remittance market is growing quite rapidly. Moreover, UAE is one of those nations hosting the highest number of expatriates. Also, a majority of the expatriates come from the Asian nations.
The UAE Exchange adds to the growing list of financial institutions planning to integrate RippleNet cross-border payments transfer services. RippleNet is a blockchain-based global network of interconnected financial institutions. Thus, RippleNet leverages the blockchain technology to facilitate low-cost instant cross-border payments.
Promoth Manghat said, “The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions. We are proud to deliver the future of payments with Ripple.”
UAE Exchange and RippleNet Partnership
Although the announcement of RippleNet integration arrived recently, the UAE Exchange joined it earlier in February 2019. This partnership also allows UAE exchange to facilitate “real-time messaging, clearing and settlement for financial transactions” across the payment network and other global banking institutions.
Dilip Rao, head of innovation and infrastructure at Ripple, spoke on the opportunities in the remittance services market.
“We chose to focus on solving inefficiencies in key corridors where payment flows are significant and growing. Adding a market leader like UAE Exchange to RippleNet will bring instant, certain, low-cost payments to the millions of retail customers in the UAE who send money abroad,” said Rao.
Last month, CBW reported about a similar partnership between Malaysian banking giant CIMB and Ripple Group. CIMB will also integrate RippleNet to improve remittance services across the ASEAN countries.
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