Ripple Signs Partnership Deal with UAE Exchange

UAE Exchange joined the RippleNet network in effort of speeding up the processing of remittance transfers across the Middle East and Asia.

“Incorporating Ripple’s blockchain technology into our payments systems will bring customers an enhanced, new payments experience.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,” Promoth Manghat, chief executive of UAE Exchange Group, said in an official statement.


Dilip Rao, Global Head, Infrastructure Innovation, Ripple, added, “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.”

Exclusively for Arcane Bear, Nikola Kosutic, senior research manager from Euromonitor International explained that UAE has one of the World’s highest share of expat population and Government is committed to establish UAE as the global leader in terms of new technologies adoption. “Therefore it is not surprise that Ripple stroke this major deal with UAE Exchange – country’s leading foreign exchange and remittance company, adding to the list of ...
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