One of the leading global money transfer and exchange solutions across the globe, UAE Exchange has announced plans to integrate RippleNet into its service by the first quarter of 2019. With this move, UAE Exchange would be the biggest payment solutions provider in the Middle-East to the technology in Ripple.

With the banking institution and Ripple partnering up, the plans to release cross-border remittances to Asia through Ripple by the first quarter of 2019 are slowly becoming a reality. The CEO of the exchange said in an interview:

“We expect to go live with Ripple by Q1, 2019 with one or two Asian banks. This is for remittances to start with, from across the globe into Asia.”

According to Crypto Slate, the two partner banks weren’t mentioned but the odds are that those banks are somewhere in a country where the biggest receiver of remittances internationally such as India. Bavaguthu Raghuram Shetty is the founder of UAE Exchange and has got several connections with India, the UAE and other nations in the Middle East.

Earlier in the year, the exchange joined RippleNet and according to Ripple, the partnership will enable the global money transfer solution exchange to allow real-time messaging, clearing and settlement for financial transactions for worldwide banking and payment partners.

The head of infrastructure innovation at Ripple, Dilip Rao spoke on the matter stating:

“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.”

CEO of the UAE exchange, Promoth Manghat also commented on the situation and is positive that the integration will help the firm saying:

“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. We are proud to deliver the future of payments with Ripple.”

If you consider that the Ripple network of institutional partners and its wide collection of finances to pick from, the firm could potentially dominate the crypto-based remittances and interbank payments. Now though, the company is just getting started to tap markets like the UAE but with Ripple making more noise every day, it’s possible that it could compare with or even do better than the every present SWIFT.

What are your thoughts? Let us know what you think in the comments!