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One of the largest remittance companies in the United Arab Emirates, UAE Exchange, is working with Ripple to launch blockchain-based payments in Asia by the first quarter of next year.
According to a relationship On Thursday, Thursday, the company's CEO, Promoth Manghat, said he expected to enter live with the support of "one or two banks in Asia" using RippleNet's blockchain-based payment network.
With a large number of Asian workers in the United Arab Emirates, that corridor represents the largest part of its global remittance flow. According to a local news report in May, transfers to India accounted for 36.7% of total remittances, those of Pakistan 8.8% and the Philippines accounted for 6.9%.
UAE exchange He says on its website that is associated with over 140 banks and has a presence in 31 countries, but is slowly taking the adoption of blockchain. "Blockchain is an incredible promise for the industry, but there is progress to be made before it becomes fully mainstream," Manghat told Reuters.
The firm cooperation with Ripple it was reported for the first time in February, with the UAE exchange with the aim of reducing the costs and frictions associated with cross-border transactions.
Ripple has signed agreements with various financial institutions around the world for blockchain remittances. His recent partnerships include the Malaysian banking group CIMB, The cryptic exchange of South Korea koinon, US banking giant PNC, among others.
The remittance market is expanding. Last year, migrant workers sent $ 256 billion to their families in the Asia-Pacific region alone, according to the latest report from the United Nations International Fund for Agricultural Development (IFAD).
And according to World Bank projections, global remittances are expected to increase to $ 642 billion by the end of this year.
Image of United Arab Emirates coins through Shutterstock
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