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The United Arab Emirates exchange with the United Arab Emirates is working with Ripple to launch new cross-border blockchain-power remittances in Asia. This new payment system will be based on Ripple's blockchain network and will be released in the first quarter of 2019, announces Blokt.
The focus is on Asian remittances
Asia was one of the biggest recipients of the $ 613 billion global remittances sent in 2017. An important part came from Asian expats who work in the Middle East.
The UAE exchange is part of the Finablr exchange company and is one of the most critical players in this sector.
Most of these funds are sent using branches in foreign currency, but it is also worth noting that apps and websites also represent a continually growing part. Furthermore, blockchain technology should play an essential role in the coming years as well.
The United Arab Emirates and Ripple plan to get this market with their services that are based on blockchain technology.
"Blockchain is an incredible promise for the industry, but there is progress to be made before it becomes fully mainstream," said Finablr Executive Director and CEO, Promoth Manghat, regarding the potential of the Blockchain.
He continued and explained that "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 Exchange and Ripple EAUs collaborated in February
The partnership of companies dates back to February 2018 and the goal was to process cross-border payments and help the Middle Eastern society become the largest payment company in this region while using RippleNet.
RippleNet, as you know, includes more than 100 members (banks and financial institutions) who are committed to making cross-border transactions faster, cheaper and more manageable.
Blokt revealed that Finablr could also explore the way Ripple is able to improve its B2B solutions.
