Alter many months of negotiation, Ripple announced that UAE Exchange, one of the largest payment providers in the Middle East, is joining RippleNet.
UAE Exchange was established in 1980 and today has grown into one of the leading global remittances and payments solutions brands across the world. It has its headquarters in Abu Dhabi while it operates across 31 countries in five continents with close to 800 branches.
RippleNet is a decentralized global network of banks and payment providers which use Ripple’s distributed financial technology. This technology offers real-time messaging, clearing and settlement of financial transactions.
The Chief Executive Officer of UAE Exchange, Promoth Manghat, stated:
“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.”
Dilip Rao, Global Head, Infrastructure Innovation, Ripple stated:
“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 top test xCurrent, while LianLian, the fourth largest payment processor in China announced last week its participation in Ripple’s blockchain powered cross-border payments solution, RippleNet.