- First global money transfer business in Middle East to offer real-time, seamless payment solutions by using blockchain technology
Dubai, 10 February 2018: UAE Exchange, a leading global money transfer, foreign exchange and payment solutions brand, announced it has partnered with San Francisco-based Ripple to enable instant, seamless and real-time cross-border payments. This makes UAE Exchange the largest payment solutions provider in the Middle East to use Ripple's blockchain technology to process payments globally in real time.
Through this partnership, UAE Exchange joins RippleNet, Ripple's enterprise blockchain network with over 100-member banks and financial institutions. Leveraging the strengths of Ripple's leading enterprise blockchain solution for payments, which provides real-time messaging, clearing and settlement of financial transactions for global banking and payment partners, UAE Exchange will be able to offer an enhanced innovative payments experience for customers, including competitive rates, speed, transparency and efficiency.
Promoth Manghat, Chief Executive Officer of UAE Exchange Group, said: “Our growth strategy has always been, and continues to be, driven by our customer-centric approach. Incorporating Ripple's blockchain technology into our payments systems will bring customers an enhanced, new payments experience.” He added, “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, said: “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.”
With multiple investments in various fintech and digital payments companies, UAE Exchange is focused on collaborating with technology specialists, start-ups, industry partners and the academia to seek out opportunities that deliver seamless and positive customer experiences through the brand's portfolio of digital assets and services.