UAE Exchange uses Instant Cross-Border Payments
UAE Exchange has now adopted Ripple to facilitate its cross-border payments – as Arabian Business reported back in August - making it the largest UAE-based exchange to incorporate blockchain technology into its daily operations.
RippleNet, Ripple's enterprise blockchain network with over 100-member banks and financial institutions, enabled instant, seamless and transparent payments, and is increasingly seen by the financial industry as the optimum platform for such transfers. UAE exchange has sought to position itself at the forefront of fintech in the region with a number of investments in and collaborations with start-ups and technology specialists, including Souqamal.com.
“Incorporating Ripple’s blockchain technology into our payments systems will bring customers an enhanced, new payments experience,” said Promoth Manghat, CEO of UAE Exchange Group.
“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, Infrastructure Innovation, 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.”
Promoth Manghat was recently named as one of Arabian Business’s 50 Indian Aces for his contribution to UAE’s financial sector.