Ripple Partners with UAE Exchange

UAE Exchange is the latest organisation to join RippleNet
12 February 2018   359

Ripple has partnered with UAE Exchange to help handle cross-border exchanges. The partnership makes UAE Exchange the latest organization to join RippleNet, Ripple’s network that uses the company’s blockchain technology to handle international payments.

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

 

Promoth Manghat

CEO, UAE Exchange

UAE Exchange says it controls 6.75% of the $575 billion remittance industry and is hoping to control 10% by 2020. Currently, the UAE Exchange has 800 branches spanning 30 countries.

Dilip Rao, global head of infrastructure innovation at Ripple, said that 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.

It is unclear whether UAE Exchange will actually use XRP in its processes. The cryptocurrency is used by Ripple for offering liquidity to institutions but not for international transfer. This nuance is not always made clear.

Ripple to Work with Saudi Arabia’s Central Bank

Saudi Central Bank provides sandbox for banks to try out Ripple technology  
14 February 2018   125

Together with the Saudi Arabian Monetary Authority (SAMA), Ripple is going to create a pilot programme to enable local banks to deploy xCurrent for cross-border payments.

This pilot programme will provide interested Saudi banks with program management and training. it is the first of its kind to be launched by a central bank.

According to Dilip Rao, global head of infrastructure innovation at Ripple, central banks all over the world are interested in blockchain technology in order to understand how it can transform cross-border payments. It will result in lower barriers for both corporations and consumers.

SAMA will provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution. It has the potential to revolutionise cross-border payments, making it cheaper and more transparent. SAMA will be the second central bank to use blockchain technology to revolutionize payments.