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   1630

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.

DeeMoney to Join RippleNet

RippleNet consists over 300 companies around the world, that can perform almost instant exchanges thanks to this network
19 March 2020   294

Thai fintech company DeeMoney became the first non-state company in the country to use RippleNet technology for fast international payments.

More than 300 financial institutions around the world are already members of the RippleNet payment network. The exchange of payments between these organizations occurs almost instantly.

Ripple is currently at the forefront of technology and compliance regulations[…]This brings in finance in Thailand by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation.

 

Aswin Phlaphongphanich

CEO, DeeMoney

According to Marcus Treacher, senior vice president of customer service at Ripple, there is a real revolution in Thailand's banking industry.

By being the first non-bank institution in Thailand to use RippleNet, it redraws the boundaries and rules of engagement by providing efficient international transfers at low fees and competitive rates. 

 

Marcus Treacher

SVP of Customer Success, Ripple

Currently, DeeMoney is already accepting payments in Thailand using RippleNet, and when the second phase of cooperation is launched, the company will be able to send funds abroad using the blockchain system.