Soon by the first quarter of the 2019, Asia may experience the cross-border payment settlement system. According to the local press, UAE Exchange is joining hands with U.S startup Ripple to offer cross-border remittances to Asia based on the blockchain. Promoth Manghat, executive director and chief executive at Finablr states;
“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.”
UAE Exchange Debuts RippleNet to Capture Asia’s market
Finablr is the key player in foreign exchange services where UAE exchange contributes as the networking company. However, the plan to offer cross-border payment solutions is not new, earlier in February 2018, UAE exchange has tied up with Ripple, focusing on future plan of getting into the core of blockchain. Moreover, the partnership intends to brand ‘UAE exchange’ as the sole and largest firm employing Ripple technology for international remittance.
Technology’s at the centre of growth strategy. Partnership with Ripple provides customers new payments experience. Adopting this game-changing technology enhances speed of cross-border transactions. @uaeexchange is proud to deliver future of payments with @Ripple. pic.twitter.com/kLTZ13tYQk
— Promoth Manghat (@promothmanghat) February 11, 2018
Among the various products of Ripple, UAE exchange steps ahead with RippleNet. By employing RippleNet, it entered the row of 100+ Fintechs and banks to offer instant payment and transactions settlement.
UAE Exchange has been in a service of foreign exchange since 1980. Founded by B.R. Shetty, the firm is primarily headquartered in Abu Dhabi, UAE and observed how billions of funds transferred to Asia. Nevethless, an article notes that the roughly $613 billion sent in remittance in 2017 through various FX branches. Both, UAE Exchange and Ripple plan to grip up Asia’s market for remittance service by using blockchain technology.
UAE Exchange Plans to Progress Ahead of Blockchain Getting Into Mainstream
Though market appears with a lower volume since the later 2017, Finablr sees a huge potential and value in utilizing blockchain. Promoth Manghat, executive director and chief executive at Finablr aims to involve before it reaches mainstream; He said that;
“Blockchain holds tremendous promise for the industry but there is progress to be made before we see it go fully mainstream,”
He further aims to view how ripple works to boost ‘B2B solutions at Finablr’. Already in the year 2016, Finablr sets a target of investing $250million-$300million towards the expansion globally and a large amount of such target is already consumed. Manghat asserted that the firm has ‘ a strong pipeline’ now.
“Blockchain is one aspect we are looking at. We want to become the partner of choice for banks and technology companies and are looking at potential bolt-ons,” .