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Ripple partners with UAE foreign exchange to bring instant cross-border payments

Aditya Dey



Source: Moody

Ripple announced yet another partnership on February 10th and this could be a potential game changer. UAE Exchange inked a deal with the San Francisco-based blockchain technology company, aiming to be the first global money transfer company in the Middle East to provide real-time and seamless payment solutions using Ripple’s technology.

UAE Exchange is planning to use RippleNet, which uses Ripple’s distributed financial technology for the clearing and settlement of financial transactions. RippleNet essentially is a decentralized global network of banks and payment providers. Currently, this blockchain network has over 100-member banks and financial institutions.

Mulinder Singh, a Financial Advisor from UAE spoke to AMBCrypto and says,

“Ripple has achieved what I would call a major landmark with a record number of partnerships all across the globe in the financial sector. This is definitely a technology that has real-world applications, the current price of the token, however, is just speculation, I do not believe it can go beyond $6-7 this year”

Promoth Manghat, CEO of UAE Exchange Group, says,

“……Incorporating Ripple’s blockchain technology into our payments systems will bring customers an enhanced, new payments experience.”

Dilip Rao, Global Head, Infrastructure Innovation, Ripple said,

“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.”

Lucas Shaw, a banker from Liverpool says,

“RippleNet is and will be the backbone of the banks and it won the race for the best technology to transfer money internationally. If they use XRP banks can make substantial savings.”

Mary Paul, a Ripple enthusiast says,

“If you’ve ever sent a wire to a different country then you understand how disruptive, innovative, and groundbreaking Ripple’s technology is. If you don’t understand then send a wire to a different country and you’ll understand.” 

Ripple has been in the news over the past couple of months with partnership announcements including LianLian in the Chinese e-commerce market, Spanish Bank adopting Ripple, National Bank of Abu Dhabi adopting Ripple and much more including getting listed in an Indian exchange for trading.

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Aditya Dey is a full-time member of the AMBCrypto's News Reporting team. He is currently pursuing Economics at O. P Jindal Global University. Researching about Blockchain, its technology, and the cryptocurrency space is his passion. He currently does not hold any value in any cryptocurrency or its projects.

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