Soon by the first quarter of the 2019, Asia may experience the cross-border payment settlement system. According to the local press, UAE Exchange is joining hands with U.S startup Ripple to offer cross-border remittances to Asia based on the blockchain. Promoth Manghat, executive director and chief executive at Finablr states;
“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.”
UAE Exchange Debuts RippleNet to Capture Asia’s market
Finablr is the key player in foreign exchange services where UAE exchange contributes as the networking company. However, the plan to offer cross-border payment solutions is not new, earlier in February 2018, UAE exchange has tied up with Ripple, focusing on future plan of getting into the core of blockchain. Moreover, the partnership intends to brand ‘UAE exchange’ as the sole and largest firm employing Ripple technology for international remittance.
Technology’s at the centre of growth strategy. Partnership with Ripple provides customers new payments experience. Adopting this game-changing technology enhances speed of cross-border transactions. @uaeexchange is proud to deliver future of payments with @Ripple. pic.twitter.com/kLTZ13tYQk
— Promoth Manghat (@promothmanghat) February 11, 2018
Among the various products of Ripple, UAE exchange steps ahead with RippleNet. By employing RippleNet, it entered the row of 100+ Fintechs and banks to offer instant payment and transactions settlement.
UAE Exchange has been in a service of foreign exchange since 1980. Founded by B.R. Shetty, the firm is primarily headquartered in Abu Dhabi, UAE and observed how billions of funds transferred to Asia. Nevethless, an article notes that the roughly $613 billion sent in remittance in 2017 through various FX branches.