Ripple will launch cross-border remittance service in 2019

The UAE Exchange exchange house, located in the United Arab Emirates, announced the signing of an alliance with the digital payment platform Ripple to offer a blockchain service of cross-border remittances to the Asian continent in the first quarter of 2019.

The performance of the UAE Exchange is key in the Middle East, where the highest percentage of remittances of expatriate workers is registered. Blockchain solutions represent great promise and relief for citizens who need to make these shipments.

According to the general director of Finablr, Promoth Manghat, the association with Ripple for these payments began in February 2018. In the service to be launched in the first quarter of 2019 will participate the National Bank of Ras Al Khaimah RAKB.AD and the Kuwait Finance House.

For its part, the central bank of the United Arab Emirates works in coordination with the Monetary Authority of Saudi Arabia, for the issuance of a proposed cryptocurrency for cross-border inter-bank transactions.

The citizens of Dubai already have the XRP of the native token of Ripple to make payments of services and that until now is quoted at $ 0.30.

M.Pino

Source: Cointelegraph

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