UAE Exchange has become the latest money transfer brand to join the RippleNet network to speed up the processing of remittance transfers across the Middle East and Asia.
Headquartered in Abu Dhabi, UAE Exchange has more than 9,000 employees in over 40 countries, with particular emphasis on India where over 40% of its offices and staff are based.
Ripple is making significant inroads into the global cross-border remittance industry, recently inking deals with IDT, MercuryFX, MoneyGram and Cuallix. Unlike the latter examples, UAE Exchange will not use Ripple's digital coin XRP as an intermediary currency.
UAE Exchange follows in the footsteps of India's Axis Bank, which also recently joined the RippleNet messaging system to speed remittance flows between India and the Middle East through an arrangement with the UAE's Rakbank.
Dilip Rao, global head, infrastructure innovation, Ripple, says: “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.”
The large Indian workforce in the UAE is estimated to send home nearly $12.6 billion annual