The Middle-East based money transfer brand, UAE Exchange joined RippleNet to speed up the processing of remittance transfers across the Middle East and Asia. It is the latest money transfer brand to collaborate with RippleNet.
UAE Exchange has headquarters in Abu Dhabi and has more than 9000 employees in over 40 countries. It has a particular emphasis on India where over 40% of its offices and staff are based. UAE Exchange followed the footsteps of India’s Axis Bank, which also joined the RippleNet messaging system. This has significantly increased the speed flow between India and Middle-East through an arrangement with the UAE’s Rakbank.
Ripple is making significant inroads into the global cross-border remittance industry. Recently, there were talks of deals with IDT, MercuryFX, MoneyGram, and Cuallix with it. 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.”
Also, the large Indian workforce in the UAE is estimated to send home nearly $12.6 billion annually.
In conclusion, this is a great news for Ripple traders across the globe. Also, it has certainly boosted the market price by a significant amount.