Analysis: Ripple Remittance Channels to Open on UAE Exchange Q1 of 2019

UAE Exchange, one of the leading global money transfer and exchange solutions, plans to implement RippleNet into its service by Q1 of 2019.

The move would make UAE Exchange the largest payment solutions provider in the Middle East to use Ripple's technology.

The founder of UAE Exchange, Bavaguthu Raghuram Shetty has deep ties with India, and the UAE and other countries in the Middle East tend to have large Indian migrant populations.

In February, UAE Exchange joined RippleNet, Ripple's enterprise blockchain network of over 100 member banks and financial institutions.

According to a press release from Ripple, the partnership would allow UAE Exchange to provide real-time messaging, clearing and settlement of financial transactions for global banking and payment partners.

These changes would offer customers of UAE Exchange an enhanced payment experience and competitive rates, speed, transparency, and efficiency, as stated in the press release.

"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.".

UAE Exchange is part of Finablr group, a global conglomerate of payment and foreign exchange solutions.

In a statement on the history of UAE Exchange from Shetty, reported by Emirates 24/7:. "The company has not only turned around, but UAE Exchange is today one of the most successful money exchange companies that account for a major chunk of annual remittances to India. It has around 750 direct offices across 32 countries, employs 9,000 multinational employees and caters to 20 million customers per year."

At the moment, most remittances happen by conventional channel agents, such as Western Union, Ria Money Transfer, MoneyGram, and UAE Exchange.