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Finablr’s UAE Exchange and San Francisco-based blockchain startup Ripple are planning to roll out blockchain-based cross-border remittances to Asia by the first quarter of 2019, UAE Exchange’s group CEO told Reuters.
In February 2018, UAE Exchange partnered with Ripple to enable instant, seamless and real-time cross-border payments. It joined RippleNet, Ripple's enterprise blockchain network with over 100-member banks and financial institutions.
While most international remittances are currently sent through foreign exchange branches, the amount sent via websites and apps is also growing gradually. Blockchain technology could significantly disrupt this area of finance.
“Blockchain holds tremendous promise for the industry but there is progress to be made before we see it go fully mainstream,” said Promoth Manghat, also executive director and chief executive at Finablr. “We expect to go live with Ripple by Q1, 2019 with one or two Asian banks. This is for remittances to start with, from across the globe into Asia.”
Manghat went on say that they are also looking at how Ripple’s technology could be used to enhance business-to-business solutions at Finablr.
In 2016, UAE Exchange decided to spend between $250 million and $300 million on acquisitions in a bid to build its global market share. Manghat said that the company has already consumed a major chunk of that amount and has a “strong pipeline” of further acquisition opportunities.
“Blockchain is one aspect we are looking at. We want to become the partner of choice for banks and technology companies and are looking at potential bolt-ons,” he added.
Earlier this week, reports suggested that Currencies Direct, a UK-based foreign exchange and payment solutions company, is also going to launch real-time cross-border remittance to India using Ripple’s xCurrent payment protocol.
