Ripple has joined forces with Finablr’s UAE exchange to begin blockchain payment in 2019. The new payment package will provide cross-border payment service to Asia through blockchain technology.
A New System of Payment on the Blockchain
According to a report on CNBC, the Chief Executive Officer of the UAE Exchange Promoth Manghat revealed that the company is agreeing with Ripple to start remittance from other parts of the world to Asia, latest by the first quarter of 2019.
The Bourgeoisie Chief Executive also confirmed to reporters that the exchange would be partnering with some banks and Ripple in other to exploit the many benefits of the blockchain technology.
The effective partnership between the two firms started in February when they both revealed their intentions to collaborate on a blockchain oriented project. The UAE exchange firm announced that it entered into the partnership with the American firm in other to provide a form of satisfaction and also meet up with the needs and aspirations of its numerous customers.
The Gulf-based Exchange expressed their satisfaction in partnering with Ripple, in other to improve remittance, which can be done seamlessly with the Ripple technology.
“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.”
Improving Payment Services in Asia
The main target of the partnership is the Asian market, which normally remits billions of dollars every year, but with the new partnership, the Asian market will witness a revolutionary tool in a transaction that will make remittance of funds, easy, seamless and transparent.
Speaking on the development, the head of infrastructure innovation at Ripple, Dilip Rao, announced that effective collaboration is geared towards solving global issues that are facing cross-border payments.
“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 payment to the millions of retail customers in the UAE who send money abroad.”
Breaking into the Asian market will be a major coup for Ripple, as the continent is not only the most populated continent in the world, but it’s also very rich in human and material capacity, which will undoubtedly affect the fortunes of the company positively.