Payments and foreign exchange solutions platform Finablr has collaborated with Chinese payment platform Alipay to offer cross-border remittance services.
The partnership enables Finablr, which covers more than 170 countries, to become the remittance partner for Alipay’s 1.2 billion users.
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It will enable Alipay users to gain access to Finablr’s remittance brands Xpress Money, Travelex, Unimoni and UAE Exchange.
The first phase of the alliance involved the integration of the Finablr platform with Ant Financial’s remittance system.
Plans are also on to extend remittances into Ant Financial’s wider ecosystem, including the e-wallet partners of Alipay.
Alipay head of the global remittances business Clara Shi said: “We are excited to partner with Finablr for global remittances, as we continue to explore new ways to apply our technology in order to benefit more people around the world.
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By GlobalData“For example, using blockchain technology developed by Alipay, we have helped launch a blockchain remittance service between our e-wallet partners AlipayHK and GCash, providing round-the-clock, real-time transfers between Hong Kong and the Philippines.”
The two parties will also cooperate on digital gifting and the Alipay Blockchain Information System.
Finablr group CEO Promoth Manghat said: “Together we seek to empower the financial aspirations of billions of consumers with enhanced access and convenience for their cross-border payments needs.
“We will continue to build on our complementary capabilities and look forward to collaborating with Alipay on additional opportunities.”
Last month, Finablr partnered with Samsung America to launch a new money transfer service. The service will enable users to send money to 47 countries.
Earlier this year, UAE Exchange and Unimoni went live on Ripple’s blockchain network RippleNet.
