UAE Exchange To Use Ripple Based Payment System
December 14, 2018 11:24 am
Popular companies and institutions across the world are rapidly adopting Ripple’s payment system called RippleNet. Now it is United Arab Emirates Exchange’s (UAE) turn. The firm is currently working with Ripple to launch a blockchain-based payment system in Asia by the first quarter of next year.
On Thursday, Reuters published a report regarding the plans among Ripple and UAE exchange. Promoth Manghat, CEO, UAE Exchange spoke about the ideas and goals. Mr. Manghat said that he expects to go live with support from “one or two banks in Asia” using blockchain-based payments network RippleNet.
The exchange has a large number of Asian workers in the UAE, that corridor accounts for the largest portion of its global remittance flow. Recently one of the reports said that the transfers to India made up 36.7 percent of the remittance total. It also includes Pakistan with 8.8 percent, and the Philippines accounted for 6.9 percent.
The UAE exchange is associated with more than 140 banks and has a presence in 31 countries, yet it’s taking blockchain adoption slowly. The CEO spoke regarding the blockchain adoption by his company.
Mr. Manghat added:
“Blockchain holds tremendous promise for the industry, but there is progress to be made before we see it go fully mainstream.”
The first collaboration between UAE Exchange and Ripple had taken place in February. The exchange aimed to reduce cost and frictions associated with cross-border transactions.
Recently, CIMB Group and Ripple partnered to enable instant cross-border payments across various markets. CIMB will be joining Ripple’s network named “RippleNet” that would provide access to other members and help CIMB to grow its cross-border payments business.