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UAE Remittance Firm Launching Ripple-Based Payments in Q1 2019

Published 12/13/2018, 07:01 AM
Updated 12/13/2018, 07:15 AM
© Reuters.

One of the largest remittance firms in the United Arab Emirates, UAE Exchange, is working with Ripple to launch blockchain-based payments to Asia by the first quarter of next year.

According to a report from Reuters on Thursday, the firm's CEO Promoth Manghat said he expects to go live with support from "one or two banks in Asia" using blockchain-based payments network RippleNet.

With a large number of Asian workers in the UAE, that corridor accounts for the largest portion of its global remittance flow. According to a local news report in May, transfers to India made up 36.7 percent of the remittance total, those to Pakistan 8.8 percent and the Philippines accounted for 6.9 percent.

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