On Sunday (February 10th), Finablr, the UAE-based parent company of two international remittance firms, UAE Exchange and Unimoni, announced that these two companies have joined Ripple's global payment network, RippleNet, and will be using Ripple's technology for cross-border payments (starting with Thailand).
The payments and foreign exchange company's network of brands, such as the two mentioned above, processed "150 million transactions" in 2017, and "managed close to $100 billion in volumes for its customers." Finablr is "licensed to operate in 44 countries and regulated by 95 regulators."
According to an article in the UAE-based news outlet The National:
"Asia is one of the major recipients of remittances from expat workers in the Middle East, where Finablr is based. Remittance flows to South Asia grew 13.5 per cent last year, according to the World Bank. It estimates that officially recorded remittances to developing countries have increased by 10.8 per cent to reach $528 billion (Dh1.939 trillion) in 2018. Global remittances, which include flows to high-income countries, are projected to have grown by 10.3 per cent to $689bn."
Finablr says that UAE Exchange and Unimoni are already on RippleNet, and that they will "use the blockchain-based platform provided by Ripple for real-time, seamless cross-border transactions to Thailand, with plans in place to extend it to other countries." Furthermore, it believes that this means that "UAE Exchange and Unimoni become the first in their category in the Middle East to have adopted blockchain technology to process transactions."
The first country to benefit from this partnership with Ripple is Thailand, "with Siam Commercial Bank, one of the largest banks in Thailand, enabling UAE Exchange and Unimoni customers around the world to transfer money instantly to their beneficiaries in Thailand."
Promoth Manghat, Executive Director and CEO at Finablr and Group CEO at UAE Exchange and Unimoni, 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.”
Meanwhile, Navin Gupta, Managing Director, South Asia and MENA at Ripple, had this to stay:
“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. In pursuit of our shared goal to provide a frictionless experience when moving money globally, we will continue to support our partners – UAE Exchange and Unimoni – in their efforts to deliver innovative technology-led financial solutions.”
Finally, Dechapol Lamwilai, FSVP, Head of Disruptive Technology Office, Siam Commercial Bank, stated:
“We are delighted to be a part of the UAE Exchange and Unimoni journey in leading frictionless cross-border transfer experiences in the new digital era. As strategic partners, we look forward to working closely together to provide best-in-class payments solutions that bring added value and convenience to customers sending money into Southeast Asia.”
Featured Image Courtesy of Finablr