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United Arab Emirates-based UAE Exchange has partnered with Ripple to launch blockchain-based cross-border remittances to Asia by Q1 2019, Reuters reports Dec. 13.
According to the report, UAE Exchange, a member of the key players in the Middle East region, As Reuters notes, Asia was one of the largest recipients of the $ 613 billion in remittances estimated to have been sent globally in 2017.
As a representative of the blockchain-based alternatives hold "tremendous promise for the industry". has said:
"We expect to live with Ripple by Q1, 2019 with one or two Asian banks. From the world into Asia. "
UAE Exchange's partnership with Ripple for re-payments to February of this year, making the firm, according to Reuters, the "largest payments firm in the Middle East" to use RippleNet. RippleNet includes the National Bank of Ras Al Khaimah and RAKB.AD and Kuwait Finance House.
As reported just yesterday, the UAE is currently collaborating with the Saudi Arabian Monetary Authority (SAMA) to issue a cryptocurrency that will be accepted in cross-border transactions between the two countries.
In early October, it was revealed as a digital currency pegged to the UAE 's fiat currency, the dirham, would soon have its own retail payment system open for Dubai consumers.
As of press time, Ripple's native token XRP is trading at roughly $ 0.30, down just over one percent on the day, and over 12 percent on the week, according to Cointelegraph's XRP Price Index.
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