Ripple has been busy building partnerships and capturing global markets one step at a time. Finablr’s UAE Exchange and Unimoni, who had partnered with Ripple in 2018 have announced going live with cross-border payments using Ripple’s blockchain technologies.
Finablr is a UAE-based payments and foreign exchange company that has partnered with Siam commercial bank, in Thailand and is also connected to Ripple.
In a statement on Sunday, Finablr announced that it will provide cross-border payment services using RippleNet and it also mentioned that it had plans to expand these services to other countries.
Promoth Manghat, the director and chief executive of Finablr stated:
“The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience.”
Considering South Asia’s chunk of remittance was roughly $613 billion and was one of the largest contributors to the remittance sector, the partnership between Ripple and UAR’s Finablr could be huge. A large portion of the contributions to the above comes from expatriate workers in the Middle East.
Moreover, since the usual cross-border transfers are prone to various problems the transition to blockchain technology could benefit a lot of the involved parties.
In addition to the above, in December 2018, Promoth Manghat said:
“Blockchain holds tremendous promise for the industry but there is progress to be made before we see it go fully mainstream… We expect to go live with Ripple by Q1, 2019 with one or two Asian banks. This is for remittances to start with, from across the globe into Asia”
Finablr has been busy in terms of acquiring companies to further facilitate cross-border payments and increase their reach. A example of this was its recent acquisition of Indian digital payments firm TimesofMoney.
As reported by The National:
“The company [Finablr], which is owned by Indian-born businessman BR Shetty, processed more than 150 million transactions in 2017 through its network that includes Xpress Money, Unimoni, Remit2India, Ditto and Swych.”