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RippleNet, Ripple's blockchain-based global payment network, is set to increase its engagement in the Middle East with a remittance company based in the United Arab Emirates destined to unveil cross-border payments using technology.
According to Reuters, the UAE Exchange issuers company will distribute RippleNet cross-border remittance services to Asia in the first quarter of 2019 in cooperation with other financial institutions operating in the region.
"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," said UAE Exchange CEO Promoth Manghat.
Expat Community
Asia is a lucrative market for remittances due to its large population working abroad. The United Arab Emirates (UAE), on the other hand, are one of the countries that boasts one of the highest percentage of expats compared to the native population. A significant number of these expatriates are from Asian countries.
When the United Arab Emirates entered RippleNet in February of this year, Ripple's global head of Infrastructure Innovation, Dilip Rao, reinforced this point by highlighting the market ready to draw on the United Arab Emirates:
"We have chosen to focus on solving inefficiencies in key corridors where payment flows are significant and growing." The addition of a market leader such as UAE Exchange to RippleNet will bring immediate, certain and low-cost payments to the millions of retail clients in the United Arab Emirates who send money abroad ".
List of growing members
Although Ripple and UAE Exchange have not named financial partner institutions, it could be one of over 100 banks and financial institutions that have joined RippleNet in the recent past. In Asia, among the most recent banks to join Ripple's business blockchain network is the CIMB (Commerce International Merchant Bankers) of Malaysia, the fifth largest bank in Southeast Asia for business.
Ripple adds the 5th largest Southeast Asian bank to the Blockchain Enterprise network https://t.co/RqaKvVvp1g
– CCN (@CryptoCoinsNews) November 19, 2018
Just like in the case of the UAE Exchange, the CIMB Group has joined RippleNet to improve cross-border payments. While CIMB Group already had an existing remittance service known as SpeedSend, the incorporation of Ripple's technology should extend the service to the rest of Southeast Asia.
"The CIMB network already covers 15 countries, almost 800 branches and offers SpeedSend, one of the best solutions in the ASEAN region.Now, integrating Ripple's blockchain technology, will allow its customers to send vital funds to family members, friends and loved ones more efficiently, "said Ripple's CEO, Brad Garlinghouse, at the time when he reported CCN.
Other Asian banks that have joined RippleNet this year include the Kotak Mahindra Bank in India and the Siam Commercial Bank in Thailand.
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