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UAE Exchange, a leading global money transfer, foreign exchange and payment solutions brand, announced it has partnered with Ripple to enable instant, seamless and real-time cross-border payments. This makes UAE Exchange the largest payment solutions provider in the Middle East to use Ripple’s blockchain technology to process payments globally in real time.
UAE Exchange was founded in 1980. The 35-year plus young financial institution has today, grown into one of the leading global remittances, Foreign Exchange and payment solutions brands in the world. Headquartered in Abu Dhabi, the brand has spread its footprint across 31 countries in 5 continents with close to 800 branches. The brand has a dominant presence in the UAE, with close to 150 branches spread across the seven Emirates and 17 branches in the Dubai metro stations.
Leveraging the strengths of Ripple’s leading enterprise blockchain solution for payments, which provides real-time messaging, clearing and settlement of financial transactions for global banking and payment partners, UAE Exchange will be able to offer an enhanced innovative payments experience for customers, including competitive rates, speed, transparency and efficiency.
Promoth Manghat, Chief Executive Officer of UAE Exchange Group, 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.”
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