UAE Exchange has partnered with Ripple to launch blockchain-based cross-border remittances to Asia by Q1 2019.
According to the report, UAE Exchange, a part of payments and foreign exchange company Finablr, is among the key players in the Middle East region, which sees high levels of remittance inflows from expatriate workers. As Reuters notes, Asia was one of the largest recipients of the $613 billion in remittances estimated to have been sent globally in 2017.
While remittances are at present largely sent via foreign exchange branches, CEO of Finablr Promoth Manghat has said that blockchain-based alternatives hold “tremendous promise for the industry.” Aiming to bring the technology to the mainstream via UAE Exchange’s joint venture with…
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