UAE Exchange, a money transfer, foreign exchange and payment solutions company headquartered in Abu Dhabi, has partnered with Ripple to enable instant, seamless and real-time cross-border payments using blockchain technology.
With this partnership, UAE Exchange joins RippleNet, Ripple’s enterprise blockchain network with over 100-member banks and financial institutions. According to the official release, the collaboration makes UAE Exchange the largest payment solutions provider in the Middle East to use Ripple’s blockchain technology to process payments globally in real time.
“Incorporating Ripple’s blockchain technology into our payments systems will bring customers an enhanced, new payments experience.” He added, “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,” Promoth Manghat, Chief Executive Officer of UAE Exchange Group, said.
By leveraging Ripple’s blockchain technology, UAE Exchange will be able to offer an enhanced innovative payments experience for customers, including competitive rates, speed, transparency and efficiency.
“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,” Dilip Rao, Global Head, Infrastructure Innovation, Ripple, said.
The announcement follows Chinese payment provider LianLian International’s recent partnership with Ripple.
