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Ripple recently announced a new partnership with the UAE Exchange platform of the United Arab Emirates. According to the announcement, passed on December 13, the partnership will aim to finally launch cross-border remittances to Asia, which will be based on the blockchain. The parties are planning the next big launch by the first quarter of 2019.
Reportedly, the UAE trade is part of Finablr, which is a payment and exchange company. The main company is one of the main players in the Middle East region. And here, as the source suggests, there are currently high levels of inflows of remittances from expatriate workers. The source also confirmed that Asia is "one of the biggest recipients of the estimated $ 613 billion remittances sent globally in 2017".
Finablr's CEO, Promoth Manghat previously shared his comments on developments in the field. The CEO stated that "while remittances are currently being sent mostly through foreign currency branches, blockchain-based alternatives keep a huge promise for the industry". While commenting on the goal of bringing the technology to the mainstream through the joint venture of the United Arab Emirates with Ripple, Manghat continued by stating; "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."
Previous communications on the partnership
The first time the parties talked about the recent partnership was in February of this year. They had confirmed that the United Arab Emirates became the largest payment company in the Middle East to use RippleNet. In addition to the UAE exchange, the major financial institutions of the region, including the National Bank of Ras Al Khaimah RAKB.AD and Kuwait Finance House, also joined RippleNet.
The Central Bank of the United Arab Emirates had revealed that it was cooperating with the Saudi Arab Monetary Authority. They aim to issue a cryptocurrency that will be accepted in cross-border inter-bank transactions between the two countries.
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