Ripple Partners With UAE Exchange For Instant Cross-Border Paymentsbr>
UAE Exchange is a United Arab Emirates company dealing primarily in remittances, foreign exchange, and bill-payment solutions. It has more than 9,000 employees in over 40 countries. It is one of the largest remittance companies and has an extensive network in the Middle East and Asia. UAE Exchange controls 6.75 percent of the $575 billion remittance industry and is hoping to control 10 percent by 2020.
Under the partnership, UAE Exchange will be joining RippleNet, Ripple’s enterprise blockchain network with over 100-member banks and financial institutions. By leveraging Ripple’s blockchain technology, UAE Exchange will be able to offer an enhanced payments experience for customers, including competitive rates, speed, transparency, and efficiency.
Promoth Manghat, CEO of UAE Exchange Group said the company’s growth strategy has always been, and continues to be, driven by its customer-centric approach. He added that incorporating Ripple’s blockchain technology into the company’s payments systems will bring customers an enhanced, new payments experience.
“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,” said Manghat. “We are proud to deliver the future of payments with Ripple.”
Ripple Infrastructure Innovation Global Head Dilip Rao said that 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.
Banks and financial institutions are increasingly looking to adopt blockchain technology to cut the costs of doing business in a competitive market. Earlier this month, Chinese payments giant LianLian International also partnered with Ripple to use xCurrent — Ripple’s settlement solution that offers end-to-end tracking — for its cross-border transactions between China, the US, and Europe.
Last month, Ripple entered into an agreement with money transfer giant MoneyGram to test XRP’s ability to lower costs for money transfers between friends and families.