UAE-Based Company With Financial Network of 18 Million Customers Joins Ripple for Cross-Border Transactions
Payments and foreign-exchange firm Finablr has joined RippleNet, Ripple’s network of banks and financial institutions. The company’s network of brands – UAE Exchange, Unimoni, Travelex, Xpress Money, Remit2India, Ditto and Swych – will use Ripple’s technology to power cross-border transactions. The UAE-based company has also partnered with Thailand’s Siam Commercial Bank to offer instant cross-border transactions.
Through RippleNet and in collaboration with Siam Commercial Bank, Finablr promises that UAE Exchange and Unimoni customers will be able to make instant transfers to Thailand.
In 2017 Finablr processed nearly 150 million transactions across its network of brands, managing roughly $100 billion in volumes for its 18 customers. The company, which has a global reach spanning 160 countries, is licensed in 44 countries and regulated by 95 regulators.
According to Trade Arabia, the company also plans to expand instant payment service offerings to other countries.
Promoth Manghat, executive director and chief executive officer at Finablr, and group chief executive officer at UAE Exchange and Unimoni says,
“The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience.”
UAE Exchange first announced its partnership with Ripple in February 8, 2018. Parent company Finablr is expected to launch its initial public offering in March.
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