UAE Exchange partners with Ripple to process international money transfers


One of the biggest Middle East currency exchange companies UAE Exchange announced a partnership with Ripple to process instant international money transfers.

CEO of UAE Exchange Group, Promoth Manghat, 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.”

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.”

Ripple is growing its presence in Middle East and now it is easy to buy Ripple XRP in Dubai using BitOasis or Palmex Cryptocurrency Exchange.