Ripple, the blockchain powered global real-time settlement network confirmed that after many months of talks, UAE Exchange, one of the largest payment providers in the Middle East is joining RippleNet.
UAE Exchange was founded in 1980. The 35-year plus young financial institution has today, grown into one of the leading global remittances and payment solutions brands in the world. Headquartered in Abu Dhabi, the brand has spread its footprint across 31 countries in 5 continents with close to 800 branches.
RippleNet is a decentralized global network of banks and payment providers using Ripple’s distributed financial technology, which provides real-time messaging, clearing and settlement of financial transactions.
Promoth Manghat, Chief Executive Officer of UAE Exchange Group, said: “Our growth strategy has always been, and continues to be, driven by our customer-centric approach. Incorporating Ripple’s blockchain technology into our payments systems will bring customers an enhanced, new payments experience.” He added, “The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions. We are proud to deliver the future of payments with Ripple.”
Dilip Rao, Global Head, Infrastructure Innovation, Ripple, said: “We chose to focus on solving inefficiencies in key corridors where payment flows are significant and growing. Adding a market leader like UAE Exchange to RippleNet will bring instant, certain, low-cost payments to the millions of retail customers in the UAE who send money abroad.”
Within the Middle East, it was also announced that the Saudi Arabian Monetary Agency (SAMA) signed an agreement with Ripple to test xCurrent. While earlier this week, China’s fourth largest payment processor LianLian announced it would participate in Ripple’s blockchain powered cross-border payments solution RippleNet.