UAE to Launch Ripple's Based Payment System

The system is focused on Asian markets and, according to the head of UAE Exchange will be supported by “one or two banks” working with the RippleNet
14 December 2018   856

UAE Exchange payment company based in the United Arab Emirates creates a blockchain payment system along with Ripple, Reuters reports.

The system is focused on Asian markets and, according to the head of UAE Exchange Promot Manghat, will be supported by “one or two banks” working with the RippleNet payment network. Its launch is planned in the first quarter of next year.

It is worth noting that in the UAE there are many workers from other Asian countries.
More than a third of remittances from this country go to India, 8.8% to Pakistan and 6.9% to the Philippines. Thus, the payment corridor being developed may in the future take a significant share of the international transfer market.

Blockchain holds tremendous promise for the industry but there is progress to be made before we see it go fully mainstream. 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.

Promoth Manghat
Executive director and chief executive, Finablr

According to the information on the UAE Exchange website, the service works with 140 banks and is represented in 31 countries.

Coinone to Join RippleNet

Coinone and Ripple cooperation started in May 2018, and now exchange believes it will help to create wide range of blockchain based financial services
18 June 2019   234

The Korean exchange Coinone, a member of the Big Four of Asian cryptocurrency exchange platforms, has joined the RippleNet network, AMBcrypto reports. Through participation in RippleNet, Coinone will be able to use Ripple's xCurrent solution to provide interbank services to its customers.

Coinone CEO Shin Won Hee, in a conversation with local media, said that his company would rely on cooperation with SBI Ripple Asia in creating a wide range of financial services based on blockchain technology.

According to the media, Coinone was the first exchange in South Korea, which joined RippleNet. As part of the cooperation with SBI Ripple Asia, Coinone intends to “organize overseas remittance events for 3,000 new subscribers to the block chain overseas remittance service.”

Coinone and Ripple started working together in May 2018, when the company integrated xCurrent solution into its own payment service called Cross. According to updated data, customers of the exchange can send transfers to eight Asian countries through the system, taking advantage of reduced commissions.

Earlier this month, Siam Commercial Bank, the largest commercial bank in Thailand, said it would use XRP cryptocurrency in its operations, but later, for unknown reasons, refused this statement.