Roel Wolfert Believes ‘Blockchain technology can transform the MENA region’

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“Cross-border cash transfers can eat up as much as 9 percent of the amount sent, which makes it as profitable for the service providers as it is a bad deal for customers. It’s no surprise that fintech companies are using blockchain technology, mobile devices, social network plug-ins and chat services to disrupt the existing remittances process.”

Wolfert cites a recently published report by Blockdata that stated that blockchain-based transactions are 127 times cheaper and 388 times faster traditional remittance methods. He further talks about how  Blockchain is disrupting traditional remittances and banks, he added:

“Cross-border cash transfers can eat up as much as 9 percent of the amount sent, which makes it as profitable for the service providers as it is a bad deal for customers. It’s no surprise that fintech companies are using blockchain technology, mobile devices, social network plug-ins and chat services to disrupt the existing remittances process.”

A recent Forbes article also covered Ripple’s prowess in the cross-border transactions department, mentioning the Brad Garlinghouse-led company’s partnerships with financial mainstays like Banco Santander and PNC bank. The piece stated:

“PNC bank is using Ripple’s blockchain software to process international payments. Santander is already collecting revenue from One Pay FX, a blockchain-based foreign exchange service that is also built on Ripple technology.”

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