UAE remittance firm joins Ripple’s blockchain

Peter Terlato 12 February 2018 NEWS

Aiming to bring real-time messaging, clearing and settlement to its global financial transactions.

UAE Exchange, a leading United Arab Emirates (UAE) global money transfers company, is the latest business to adopt the RippleNet blockchain network in order to process real-time payment solutions for its customers.

UAE Exchange is one of the world’s largest money exchange firms. The agreement with Ripple will enhance the company’s ability to provide real-time messaging, clearing and settlement of global financial transactions.

During a recent interview on Dubai Eye’s Business Breakfast podcast, UAE Exchange chief executive Promoth Manghat explained the benefits and efficiencies of switching to Ripple’s blockchain solution for payments.

“The [current] process is a very long process… an archaic process… where it takes almost 24 hours during the week and it can go to 72 hours during the weekend,” Manghat said.

“Blockchain has the potential… to come closer to the reality to achieve an instant payment system.”

However, Manghat added that “cost-wise [the deal] isn’t going to make a substantial difference”.

The reason for this, according to Manghat, is that, due to the high level of domestic competition, the UAE money transfers market already “ranks as one of the cheapest places for remitting money”.

“New technology brings efficiencies and efficiencies help us to scale the type of activity we’re doing,” he said.

UAE Exchange was founded in 1980 and is based in Abu Dhabi. The company’s global footprint extends across five continents and 31 countries, operating nearly 800 branches and employing more than 9000 professionals.

Ripple has already signed over 100 partners who utilize its RippleNet blockchain.

What is Ripple? The ultimate guide to XRP

As with Ripple’s recent partnership agreement with Chinese payment provider LianLian to conduct overseas transactions, the deal between Ripple and UAE Exchange will not utilize Ripple’s XRP token for liquidity.

After teaming with international currency transfers firm MoneyGram in January, Ripple recently announced that IDT Corporation and MercuryFX will pilot xRapid to settle retail remittances and corporate transactions.

Interested in discovering more about cryptocurrencies? Check out our A-Z list of the most popular altcoins.

This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Ask an Expert

Click here to cancel reply.

Display Name

Your Email (will not be published)

Your Question

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.