The UAE Exchange marks the latest firm to sign on with Ripple, which has announced partnerships with firms like LianLian, Santander UK, IDT Corporation, Mercury FX and MoneyGram in recent days.
A remittance firm based in Abu Dhabi has inked a new partnership with distributed ledger startup Ripple.
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.
In statements, UAE Exchange said it was looking to deploy the tech in a bid to boost its competitive edge in the market for remittances.
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.
"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," Promoth Manghat, the company's chief executive, was quoted as saying by Business Insider.
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 of infrastructure innovation at Ripple said: “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.”
Rao added, 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 annually.