Dilip Rao, Ripple's Global Head of Infrastructures Innovation, released a report by ChannelNewsAsia on December 14, which revealed that its company and the United Arab Emirates Stock Exchange have planned the introduction of blockchain in the launch of cross-border remittances. in Asia. This was reported to take place in the first quarter of next year. In this regard, the CEO of the United Arab Emirates Stock Exchange, Promoth Manghat, declared:
"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."
Appreciating the new technology, Manghat also stressed that the blockchain is proving to be a promising potential in the payments industry, but still requires much progress before reaching mainstream adoption. In his words:
"Blockchain is an incredible promise for the industry, but there is progress to be made before it becomes completely mainstream".
Ripple, on many occasions, has been observed to believe that the Association of Southeast Asian Nations [ASEAN] the region is faster with the adoption of blockchain and the regulatory framework than the United States and other parts of the world. With major partnerships in Asia, such as Siam Commercial Bank and SBI Holdings, Ripple has made progress in creating the best use cases for payment technology.
It was also reported that Asia is one of the largest consumers in the remittance sector and participates heavily in global payments. The UAE Exchange is a company that belongs to its parent company known as Finablr and deals exclusively with remittances, foreign exchange and bill payment solutions.
Ripple and Finablr believe that blockchain technology will bring a revolutionary change in the remittance sector in which both players intend to be key players to push the transition.
The two companies made the first announcement of their partnership at the start of this year, in February. Here, the United Arab Emirates have been targeted as the largest company to use Ripple's blockchain payment process technology.
Bruce Kyaw, cryptocurrency and follower of the blockchain space, commented on the news:
"With all these companies getting on the XRP train, they're all HODLs too – there's no volume, no one's using it."
Another Twitter user and a fan of the cryptocurrency industry, Yassin Mobarak also wrote:
"Very good news, but a bit vague." Blockchain payments "new solution uses xRapid or XRP or not?"
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