One of the largest remittance firms in the United Arab Emirates, UAE Exchange, is working with Ripple to launch blockchain-based payments to Asia by the first quarter of next year.

According to a report from Reuters on Thursday, the firm’s CEO Promoth Manghat said he expects to go live with support from “one or two banks in Asia” using blockchain-based payments network RippleNet.

With a large number of Asian workers in the UAE, that corridor accounts for the largest portion of its global remittance flow. According to a local news report in May, transfers to India made up 36.7 percent of the remittance total, those to Pakistan 8.8 percent and the Philippines accounted for 6.9 percent.

Continue Reading on CoinDesk

Like this: Like Loading...