United Arab Emirates Exchange To Open A Ripple-Based Payment System In 2019 Using RippleNet
United Arab Emirates Company To Launch Ripple-Based Payment System In 2019
The UAE Exchange, one of the largest remittance companies in the United Arab Emirates, is now working together with Ripple in an effort to launch a new platform that will use the blockchain technology of Ripple to make payments in Asia. The platform will be available in the first quarter of 2019.
UAE Exchange’s CEO, Promoth Manghat, has affirmed that he wants to go live next year with the support from some Asian banks and RippleNet. According to him,
“There are many Asians working in the country and they need to send money to their countries. Because of this, transfers to India, for instance, are 36% of all transfers abroad, while Pakistan is 8.8% and the Philippines, almost 7%.”
The company first started to collaborate with Ripple in February 2018. As you may have imagined, the main reason for the partnership was because Ripple has a good system for cross-border transactions which can be fast and reduce many costs.
With the remittance market expanding more and more, Ripple is making deals with companies from all over the world like PNC in the United States, Coinone on South Korea and CIMB in Malaysia. As the market continues to grow, so does Ripple’s success. Some banks from the Middle East like the National Bank of Ras Al Khaimah and the Kuwait Finance House have also joined Ripple.
The United Arab Emirates is one of the countries that most send money abroad in the world (together with the United States, China and some other major economies).
About The UAE Exchange
UAE Exchange is owned by a company called Finablr. This company is associated with more than 140 banks over the world. The exchange is a major remittance company with presence in over 30 countries. However, it is using the blockchain very slowly and testing it before making its services blockchain-based. The company is set to expand its global market now to increase its share in the remittance industry.
Finablr also houses other companies like Travelex Holdings, Xpress Money and other businesses. The company has recently decided to hire some executives from high-profile companies like JPMorgan, Barclays and the London Stock Exchange.
According to Manghat, the blockchain technology has a huge promise but it will simply not go mainstream because of promises, it will have to be better first, so it can be used to solve people’s problems later.