Ripple is joining together with Finablr’s UAE Exchange to begin blockchain payment by 2019. This will provide cross-border payment services to Asia through blockchain technology.
According to a report from CNBC, the Chief Executive Officer of the UAE Exchange, Promoth Manghat admitted in an interview that his company is partnering with Ripple to start remittance from other parts of the world to Asia by the first quarter of 2019. He went on to say that his company is working in conjunction with Ripple and some banks to tap into the tremendous opportunities offered by the blockchain.
This plan between the American Fintech startup company Ripple and the United Arab Emirates-based exchange started in February this year when they first announced their intentions to come together in business. The main intention of the UAE exchange in partnering with Ripple is to achieve a set goal of providing better services to customers.
The UAE exchange CEO said they are proud to partner with Ripple, to ensure improvement in remittance which can be done seamlessly with Ripple technology.
“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.”
The partnership has targeted Asia to leverage on the $613 billion sent globally in remittance last year. The duo is working to be positioned to have a large chunk of business volume using blockchain technology.
The Global head of infrastructure innovation at Ripple, Dilip Rao asserted that his company went into this partnership to solve global challenges in the corridor of cross-border payments.
“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.”
Breaking into Asia market will be a huge success for this partnership because that is a zone with very active business activities.
