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

The cryptocurrency ecosystem has been focussed on achieving mainstream recognition, for which much cryptocurrency organizations have been striving to cater to the vast majority of geographical regions across the globe.

Ripple with its efficient system for cross border transactions has been following the said aspiration and blog by Roel Wolfert, Managing Partner at VGrip titled “How Blockchain Will Help Banks Tap New Markets in MENA,” reiterated the same.

Coinciding with the conclusion Ripple Regionals MENA, a conference where proponents in the South Asian and Middle Eastern regions spoke about the need for a revamp in terms of transfer technologies, the Wolfert’s blog, states:

“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.”

About Marc Mcilhone

Marc Mcilhone
Marc Mcilhone is ArabBrains' Editor - sourcing news and features content and overseeing the work of the site’s contributors. Marc’s work is informed by his technical background in architecture having worked for some of the UK’s leading practices on projects within the education, healthcare and housing sectors. Marc has a particular interest in how innovators are creating sustainable solutions that have a positive impact on people’s everyday lives. Please email press releases and news to: editor@arabbrains.com

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