Ripple and its underlying products are getting huge hype for payment and international remittance services. According to the latest release, Finablr’s UAE Exchange is launching blockchain payment solution soon by early 2019.
UAE Exchange To Serve Cross-Border Remittance To Asia
UAE Exchange, based in Abu Dabhi, UAE offers forex exchange and remittance services. It is a networking company of Finablr which is a full-service global payment and FX solution firm.
Back in February 2018, UAE Exchange tied up with Ripple startup to employ RippleNet, one of Ripple’s product. Nevertheless, the platform will be joining the row of 100+ banks and fintech organizations who are already using RippleNet to offer instant payment and transaction settlement solutions to the masses.
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
Presently, various firms processed international remittance directly via the website or App. However, using blockchain technology will eventually grow user experience in the field of payment and financial services.
Furthermore, UAE Exchange with Ripple aims at targeting the huge Asian market since a rough amount funds of $613 million in remittance has sent globally in the year 2017. They envisioned to grow as the finest Middle East firm employing Ripple ahead of blockchain technology getting into the mainstream media.
“Blockchain holds tremendous promise for the industry but there is progress to be made before we see it go fully mainstream,”
stated by Promoth Manghat who is the executive director and chief executive at Finablr.
Launch in Q1, 2019
Considering this, Promoth Manghat explained his plan of capturing Asian banks and market by launching the product by Q1, 2019.
He said that;
“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.”
Back in 2016, the platform targeted an investment of $250 million and $300 million to grow wide across the global market. Promoth said that the huge funds have already been used and now they are rising with a ‘strong pipeline’. Among its growth plan, Blockchain is one area, they also sees the potential to become ‘partner of choice for banks and technology firms’.
Ripple Strengthens Its Positions in Cross-Border Payments
On top of that, Ripple becomes more and more recognized in the international payments sector as recently Ripple services was endorced by American Express.
What’s your opinion of Ripple and UAE Exchange begging their blockchain journey? Leave a comment down below.