Ripple and Finablr will launch blockchain payments by the first quarter of 2019

UAE-based exchange in the United Arab Emirates is working with Ripple to launch new cross-border blockchain remittances in Asia.

The new payment system will be based on Ripple's blockchain network and will be launched by the first quarter of 2019.

Focusing on Asian remittances

Asia was one of the biggest recipients of the $ 613 billion global remittances sent last year, with a large part of this coming from Asian expatriates working in the Middle East.

The exchange with the United Arab Emirates, which is part of the Finablr exchange company, is one of the main players in this sector.

Most of these funds are sent via exchange offices. However, apps and websites now also represent a growing part with blockchain that should play an increasingly important role in the coming years.

UAE Exchange and Ripple will try to conquer this market with their blockchain-based services.

Finablr's executive director and CEO, Promoth Manghat, commented on the potential for blockchain:

"Blockchain is an incredible promise for the industry, but there is progress to be made before it becomes completely mainstream".

The new Finablr service will be available at the beginning of next year. Manghat said:

"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."

Taking from the February partnership

Both the United Arab Emirates and Ripple have partnered in February this year to process cross-border payments, helping the Middle East society to become the largest payment company in the region using RippleNet.

RippleNet currently includes over 100 member banks and a range of financial institutions that are committed to making cross-border transactions easier, faster and more economical.

Finablr could also explore how Ripple can improve its B2B solutions. The company will be listed on the London Stock Exchange in the first half of 2019 and Barclays and JP Morgan are its global coordinators.

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