Company from the United Arab Emirates UAE Exchange in conjunction with the American startup Ripple plans to launch a blockchain system for cross-border transfers in Asia.
Information about the collaboration were presented to the CEO UAE Exchange Promotor Manghat. According to him the launch of the financial corridor is scheduled for the first quarter of 2019.
Studies have shown that a huge percentage of transfers accounted for the Asian sector. The reason is that Asians often travel to the middle East in search of work, which they subsequently transferred to his family.
“The blockchain is enormous potential for the industry, but before the mass entry of similar technical solutions, ensure their effectiveness,” said magazine promotion Manghat.
As a start it is planned to apply technical practices Ripple in one of two UAE banks. The first companies will take a major percentage of translations in the Asian region.
The parties had previously worked in this direction. In February 2018 UAE Exchange and Ripple announced a partnership in order to improve the processing of cross-border payments. The collaboration allowed the company to become the largest organisation in the UAE who are able to apply technical solutions Ripple.
We will remind, in October 2018 in the press appeared information about another deal Ripple. A new partner of a startup was
the Bank Santander. Its representatives have decided to use developments of the company to improve cross-border payments.