Updated: 02/12/2018 02:23
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ripple uae exchange cooperation
The UAE money transfer operator will use the Ripple blockchain system, read the interview, find out the details of further cooperation
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The UAE money transfer operator will use the Ripple blockchain system, read the interview, find out the details of further cooperation

The authorities of the Arabian currency exchange UAE Exchange Group reported that now the site will support operations with Ripple, since, this is extremely important for customers. It is expected that the Ripple blockchain will be used to process payments around the world in real time. UAE Exchange Group has been planning to introduce blockchain technologies into people's daily lives for a long time. RippleNet technology, on the basis of which Ripple works, provides transparent and rapid financial transactions between all participants of the chain. The UAE, in principle, positions itself as a state at the forefront of financial innovation, so the country's policy implies the rapid introduction of new technologies.

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."

Along with UAE Exchange, RippleNet includes 100 countries and financial institutions, Ripple claims.

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."

Let's remind, recently the MoneyGram company, the operator of the international financial markets, has also declared cooperation with Ripple.

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