UAE Exchange taps Ripple for DLT payments
Written by Chris Lemmon
Middle Eastern money transfer platform UAE Exchange has announced a deal with Ripple to enable real-time cross-border payments.
The partnership makes UAE Exchange the largest payment solutions provider in the Middle East to make use of Ripple’s blockchain technology to process payments in real time. As part of the deal, UAE Exchange joins RippleNet – Ripple’s blockchain network with more than 100 member banks and financial institutions.
The company will now be able to offer its customers an enhance payments experience, with competitive rates, speed and efficiency.
Promoth Manghat, chief executive officer of UAE Exchange Group, commented: “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 of infrastructure innovation at Ripple, added: “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.”