The official announcement reveals UAE exchange reveals a partnership with San Francisco-based Ripple to enable real-time cross-border payment solutions.
UAE exchange to process global payment solution with RippleNet
Following the partnership, UAE Exchange, a leading global money transfer, would become the largest payment solution provider in the Middle East to use Ripple’s blockchain technology. Through the partnership, UAE exchange can process payments globally in real-time citing efficiency, transparency, and speed.
The partnership between UAE exchange and RippleNet networks will enable the exchange to offer competitive service to customers. RippleNet is decentralized blockchain network of 100 banks and fintech firms. It uses blockchain technology to proceed real-time messaging, clearing and settlement of financial transaction at global banking level.
Speaking about Ripple’s blockchain technology, Promoth Manghat, CEO of UAE Exchange Group gloats,
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.
“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.”
Mr.Manghat has been in the blockchain industry since long, and during an interview with arabianbusiness, he said
Personally, I am a big champion of Blockchain and foresee its disruptive potential not merely in the financial services industry but across a gamut of industries… On the face of it, the average consumer may never know about blockchain, but indirectly he will reap the benefits of the efficiencies it brings forth across industries in his everyday life.
While acceptance and skepticism of cryptocurrency go in concert; few countries like UK, Australia, Singapore, Japan have explicitly allowed cryptocurrency, and other countries like China, India, Bangladesh, Sweden, Russia are announcing frequent updates about crypto regulations. Promoth Manghat said the UAE government is also looking at the matter of cryptocurrency; whether to define it as a commodity or a currency.
Ripple’s Global Head, Infrastructure Innovation, Dilip Rao in a statement 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.”
Would this partnership boost XRP price?
However, it is exciting to see whether a partnership between UAE exchange and RippleNet becomes a succeeding derive for Ripple’s XRP. According to coinmarketcap, XRP is trading at $1.06, a positive change of 10.10%.