Dilip Rao, the Global Head of Infrastructure Innovation at Ripple, on December 14, posted a report by ChannelNewsAsia, which revealed that his company and the UAE Exchange have planned to introduce blockchain in the launch of cross-border remittances in Asia. This was reported to take place in the first quarter of the next year. Regarding this, the Chief Executive Officer of the UAE Exchange, Promoth Manghat stated:
“We expect to go live with Ripple by Q1, 2019 with one or two Asian banks. This is for remittances to start with, from across the globe into Asia.”
Appreciating the new technology, Manghat also pointed out that blockchain is proving to be of promising potential in the payments industry, but still requires much progress before hitting mainstream adoption. In his words:
“Blockchain holds tremendous promise for the industry but there is progress to be made before we see it go fully mainstream.”
Ripple, on many occasions, have been observed to hold the view that the Association of Southeast Asian Nations [ASEAN] region is quicker with blockchain adoption and regulatory framework than the US and other parts of the world. With significant partnerships around Asia, such as Siam Commercial Bank and SBI Holdings, Ripple has been progressing at creating the best use cases for the technology in the payment industry.
It has also been reported that Asia is one of the biggest consumers in the remittance sector and participates heavily in global payments. The UAE Exchange is a company that falls under its parent company known as Finablr and deals in remittances, foreign exchange and bill payment solutions exclusively.
Ripple and Finablr believe that blockchain technology will bring a revolutionary change in the remittance industry wherein both the players plan to be prominent actors to propel the transition.
The two companies made the first announcement of their partnership earlier this year, in February. Here, UAE Exchange was addressed as the largest firm to use Ripple’s blockchain technology for payment processes.
Bruce Kyaw, a cryptocurrency and blockchain space follower, on the news commented:
“With all these companies jumping on to the XRP train, they are all also HODL’n huh? There’s no volume, no one’s using.”
Another Twitter user and a cryptocurrency industry enthusiast, Yassin Mobarak also wrote:
“Great news, but a little vague. Does this new “Blockchain payments” solution use xRapid or XRP or not?”
The post Ripple ready to extend remittance service to Middle East; UAE Exchange to work alongside appeared first on AMBCrypto.