UAE Exchange, a Forex exchange and payment provider based in the United Arab Emirates (UAE), is about to launch a cross-border remittances platform in collaboration with Ripple, Reuters reported on Thursday, citing an interview with the UAE Exchange CEO. The platform, which is expected to be ready by the first quarter of next year, will operate remittances to Asia by leveraging blockchain technology.

In 2017, Asia accounted for one of the largest shares of the approximately $613 billion in remittances sent worldwide. A large portion came from Asian workers in the Middle East, where UAE Exchange, a subsidiary of Forex firm Finablr, plays a leading role.

Currently, most of the remittances are carried out via Forex branches. However, an increased share is transferred through various online applications. In the next few years, distributed ledger technology (DLT) might be essential for cross-border payment services, and Ripple is working towards…

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