The
logo of blockchain company Ripple is seen at the SIBOS banking
and financial conference in Toronto, Ontario, Canada October 19,
2017. REUTERS/Chris
Helgren LONDON — Foreign exchange giant UAE Exchange has signed a deal
with San Francisco fintech players Ripple on cross-border
payments.

UAE Exchange is joining the startup’s RippleNet network, which
uses blockchain technology to power real-time international
payments. UAE Exchange CEO Promoth Manghat said in a statement:
“Incorporating Ripple’s blockchain technology into our payments
systems will bring customers an enhanced, new payments
experience.

“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.” Qatar
and UAE exchange office in Doha, Qatar, June 13,
2017.

REUTERS/Naseem
Zeitoon Manghat described himself as “a big champion of Blockchain” in an
interview with Arabian Business last October and said:
“The average consumer may never know about blockchain, but
indirectly he will reap the benefits of the efficiencies it
brings forth across industries in his everyday life.” UAE Exchange,
whose billionaire owner also owns Travelex, claims to have a
6.75% share of the $575 billion global remittance market and is

aiming to increase that to 10% by 2020.

It has 800 branches
stretching over 3o countries. The deal is a boost for Ripple, which has faced recent skepticism
in the press. Read more from businessinsider.com…

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