Another day and another major global financial institution joins the ever-expanding community of institutions now using RippleNet network. UAE Exchange has inked a deal with Ripple to join other major global financial players who are taking advantage of the revolutionary benefits of the blockchain technology.
UAE Exchange is a United Arab Emirates based financial services company, based in the city of Abu Dhabi with a global reach. It currently operates in 31 countries and has over 800 offices. It is one of the biggest money remittances company in the world and is said to have close to 7% of the lucrative global remittance market which stands at $575 million. Asia is its largest market, with India being its biggest global market and accounting for close to 40% of its revenue.
Huge endorsement for RippleNet
UAE Exchange coming on board is a huge endorsement for RippleNet which has come under scrutiny from media houses in the recent past. It is the latest entrant into the RippleNet network whose popularity soared late last year when some of the biggest names in the global finance came on board. Some of the banks and other financial institutions that currently use RippleNet include Spanish banking giant, Santander, Swiss financial services company UBS, Italian bank Unicredit and British multinational banking conglomerate, Standard Chartered.
Smaller banks, integrated financial services firms and currency exchanges have also made the switch to RippleNet to benefit from its extremely fast transactions as well as its very low transaction fees. Just a week ago, LianLian announced that it had struck a partnership with Ripple to begin integrating RippleNet into their payment processes and international remittances. LianLian is a Hong Kong based payment processor which is among the biggest in the world, with 159 million registered users. It processes billions of dollars’ worth of payments for a majority of retailers in China’s lucrative online retail market. They include Amazon, eBay and Alibaba.
The future of payments
Promoth Manghat, CEO of UAE Exchange Group, in making the announcement expressed his happiness and high expectations for the partnership citing it as instrumental in the company’s endeavor to provide their customers with enhanced payments experience. He added that their adoption of the game-changing technology offered by RippleNet will give the company a unique opportunity to offer competitive services to their customers as it will greatly impact on the speed of transactions and the cost of cross-border transactions. While calling RippleNet the future of global payments, he said he was proud that UAE Exchange got to deliver this technology to their users.
RippleNet is by far the most advanced method of sending funds globally using the blockchain technology. Using RippleNet, banks are able to send funds within seconds from one corner of the world to another, a process that would take days. RippleNet has also cut down the cost of transactions t just a fraction giving saving consumers the $1.6 trillion that used to go into transaction costs every year. It also offers real-time traceability of funds, bringing certainty and transparency into the process. With over 100 banks already using RippleNet, the future is definitely for Ripple.