RippleNet, the blockchain-based global payment network of Ripple, is set to increase its footprint in the Middle East with a United Arab Emirates-based remittance firm set to unveil cross-border payments using the technology.
According to Reuters, remittance firm UAE Exchange will roll out RippleNet-powered cross-border remittance services to Asia in the first quarter of 2019 in partnership with other financial institutions operating in the region.
The CEO of UAE Exchange, Promoth Manghat, said:
Asia is a lucrative market with regards to remittances owing to its large population working abroad. The United Arab Emirates (UAE), on the other hand, is one of the countries that boasts one of the highest percentages of expatriates relative to the native population. A significant number of these expats hail from Asian countries.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
When UAE Exchange joined RippleNet in February this year, the global head of Infrastructure innovation at Ripple, Dilip Rao, buttressed this point noting the ready market waiting to be tapped in the UAE:
source: https://www.ccn.com/uae-firm-taps-rippl ... -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.