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February 12, 2019

Finablr network brands tap Ripple for blockchain payments

UAE Exchange and Unimoni, the network brands of UAE-based payments platform Finablr, are live on Ripple’s blockchain network RippleNet.

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Leveraging blockchain, UAE Exchange and Unimoni will support cross-border fund transfers to Thailand.

Plans are also on for a broader rollout of the service in the future.

Ripple managing director for South Asia and MENA Navin Gupta said: “We are excited to see this collaboration go live, allowing customers in any part of the world to send live payments to Thailand instantly and efficiently.”

The initiative is being supported by Thai lender Siam Commercial Bank.

Finablr executive director and CEO and UAE Exchange and Unimoni group CEO Promoth Manghat said: “The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience.

“The launch of this service is a significant milestone for us in our commitment to enable seamless services for our customers, and we thank our partners Ripple and Siam Commercial Bank for their collaborative support in this journey.”

Last month, the central bank of UAE teamed up with its counterpart in Saudi Arabia to launch a common digital currency project dubbed Aber.

The project, currently under trial, is said to support financial settlements between the two countries through blockchain and distributed ledgers technologies.

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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