UAE Exchange Considering Ripple for Instant International Payments

Blockchain, FinTech | August 31, 2017 By:

UAE Exchange is in talks with blockchain firm Ripple for streamlining payments using blockchain technology.

UAE Exchange, one of the region’s earliest remittance operators with some 800 offices across 31 countries, is planning to introduce real-time cross-border payments. It believes that incorporating blockchain into its processes would help it cut the speed and cost of money transfers for its customers.

Earlier this year, UAE Exchange collaborated with Abu Dhabi Global Markets (ADGM) to expand development in the fields of blockchain technology, payments, artificial intelligence, and peer-to-peer solutions.

UAE Exchange Group CEO Promoth Manghat said that the exchange has already invested in two other blockchain-related companies within the past six months.

“UAE Exchange has been significantly investing in blockchain technology. In June of this year, the brand invested in Loyyal, a blockchain innovator building a global loyalty network,” said Manghat. “Earlier this year, the brand also joined Bankchain, a community of banks for exploring, building, and implementing blockchain solutions, and are in the process of tying up with distributed ledger startup, Ripple, for real-time cross-border payments.”

Ripple is a distributed financial technology that enables banks to send real-time international payments across networks. It uses its bank-friendly public blockchain, the Ripple Consensus Ledger, to link its international partners and facilitate real-time money transfers globally.