Ripple partnership with UAE Exchange is scheduled to launch in Q1 2019 live
Home News Ripple partnership with UAE Exchange in Q1 2019 start live
Marcel Knobloch –
More and more companies recognize the opportunities and the enormous potential of block chain technology and its application in practice. The UAE Exchange in Dubai wants to take advantage of Ripple’s payment software, in order to accelerate the growth of the company.
As reported by Reuters, it will start in the United Arab Emirates-based UAE Exchange (Finablr operated) and the US-American Startup Ripple from the first quarter of the year 2019, a collaboration. The company intends to intensify through the use of Ripple’s Blockchain cross-border payments to Asia and the speed will increase and the fees lower.
Asia was the largest recipient of Remittances in the year 2017 with a volume of more than 613 billion US dollars. A large proportion of which comes from foreign workers, often migrant workers who send part of their salary to their families back home. Often international transactions require several days and the fees are disproportionately high. This Ripple will help to optimize exactly this Problem and eliminate it. Some Ripple whales moving an incredible volume of 1.36 billion US dollars and the fees have not amounted to a Penny.
The most of the assets to be settled for time and foreign exchange business, however, the proportion of alternative sites and Apps that offer much better terms and conditions is on the rise. Promoth Manghat, Executive Director of Finablr, that the development and dissemination of the Blockchain technology is still in its infancy (freely translated):
The Blockchain holds for the industry is a tremendous promise, but there is still progress, before it can prevail.
We assume that Ripple will go up to the first quarter of 2019 with one or two Asian banks online. This is for refunds from anywhere in the world after Asia.
The UAE Exchange has set the target of 300 million US dollars for further Expansion. According to information from the company, a majority of the target position has been reached, however, put even more in the “Pipeline” so that more Acquisitions will follow. Manghat also describes that they want to be the preferred Partner in the Asian region, with the banks want to work (freely translated):
Blockchain is an aspect that we want to continue to explore. We want to be company the preferred Partner for banks and technology and are looking for potential partners.
UAE Exchange aims to increase its share in the global remittance industry by a further 10 per cent.