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The United Arab Emirates based in Abu Dhabi will start the blockchain payment service in the first quarter of 2019. According to the latest report, the United Arab Emirates, in collaboration with Ripple, seek to conquer the huge Asian market.
"We expect to go live with Ripple by the first quarter of 2019 with one or two Asian banks, which is for remittances to start from around the world in Asia."
The UAE exchange employs RippleNet to provide the Blockchain solution
Finablr is the international exchange, remittance and invoicing company in which the UAE exchange is also a networking company. Already in February 2018, the United Arab Emirates have partnered with Ripple to become the leading Middle East company providing block-based payment solutions based on Ripple Technology.
Using RippleNet, the UAE Exchange will soon be under the roof of over 100 banks already benefiting from RippleNet. Manghat sees huge potential for blockchain in the near future and aims to explore the industry before it reaches the masses.
"Blockchain is an incredible promise for the industry, but there is progress to be made before it becomes completely mainstream"
The Exchange EAUs have outlined the millions of funds that have been transferred to Asian marketing in shed and to do so, various companies were using their mobile app or websites. As a result, blockchain technology can help improve instant payment solutions. Furthermore, blockchain is not just one aspect that the UAE exchange is looking at, but is more focused on focusing on other aspects such as "becoming a partner of choice for banks and technology companies".
What do you think of Ripple's latest move with UAE Exchange? Will the UAE exchange be able to conquer the Asian market using RippleNet? Share your opinion
