UAE Exchange agrees tie-up with blockchain start-up Ripple

Ripple announces UAE Exchange will join RippleNet

Ripple announces UAE Exchange will join RippleNet

Ripple has come under criticism as of late, with a massive sell-off of XRP followed by skepticism as to the number of financial institutions even interested in using the third-ranked cryptocurrency in the first place.

UAE Exchange is joining the RippleNet network, and aims to incorporate the fintech company's blockchain technology to power its real-time worldwide payments system.

"We chose to focus on solving inefficiencies in key corridors where payment flows are significant and growing", said Dilip Rao, global head of infrastructure innovation at Ripple.

#UAEExchange partners with @Ripple for instant cross-border payments & becomes the first global #money_transfer business in Middle East to offer real-time, seamless #payment solutions using #blockchain technology. Whereas, this comes as another milestone for the coin, after the partnership of Ripple with Money Gram for quick transactions. "Adding a market leader like UAE Exchange to RippleNet will bring instant, certain, low-priced payments to the millions of retail customers in the UAE who send money overseas", Dilip Rao, Global Head, Infrastructure Innovation, Ripple, said.

Personally, I am a big champion of Blockchain and foresee its disruptive potential not merely in the financial services industry but across a gamut of industries.

"Incorporating Ripple's blockchain technology into our payments systems will bring customers an enhanced, new payments experience", said Promoth Manghat, CEO of UAE Exchange Group.

Banks, exchange houses and other financial services companies are increasingly looking to adopt emerging technologies such as blockchain to cut the costs of doing business in a competitive market.

UAE Exchange is a United Arab Emirates based company dealing primarily in remittances, foreign exchange and bill payment solutions. This variation is not always made clear.