UAE Exchange is ramping up its blockchain efforts and is in talks with blockchain startup Ripple for streamlining payments, Arabian Business reported.

Using blockchain technology, the exchange seeks to introduce real-time cross-border payments. It believes that integrating the technology into its processes would improve speed and reduce the cost of money transfers for its customers.

UAE Exchange has already made investments in two blockchain-related companies within the past six months.

“UAE Exchange has been significantly investing in blockchain technology. In June this year, the brand invested in Loyyal, a blockchain innovator building a global loyalty network,” Promoth Manghat, CEO of UAE Exchange Group, told Arabian Business. “The brand also joined Bankchain, a community of banks for exploring, building and implementing blockchain solutions, early this year and are in the process of tying up [a deal] with distributed ledger start-up, Ripple, for real-time cross border payments.”

More recently, UAE Exchange collaborated with Abu Dhabi Global Markets (ADGM) to expand development in the fields of blockchain technology, payments, artificial intelligence, and peer-to-peer solutions.

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