Just as the title reads: Finablr and AliPay Join Forces To Form Cross Border Remittance Partnership. Let’s dig into this, shall we?
Finablr is a financial services holding company. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. Finablr has announced this morning that they have formed a global partnership for cross-border remittance to bring convenient and inclusive services to consumers around the world. Finablr becomes one of the first cross-border remittance partners for Alipay, which serves more than 1.2 billion people globally together with its local e-wallet partners. Alipay is the worlds leading payment and lifestyle platform which is operated by Ant Financial. Ant Financial is the highest valued FinTech company in the world, and the world’s most valuable unicorn (start-up) company, with a valuation of US$150 billion.
So what does this mean and what does it mean for Ripple? Finablr has created there omnichannel network which consists of its global brands:
- Xpress Money
- UAE Exchange
UAE Exchange and Ripple announced a partnership to process cross-border payments, making the UAE-based company the largest payments firm in the Middle East to use Ripple’s blockchain technology for processing payments. February 2019, Unimoni announced that they were live on RippleNet as well. Here is the official Press Release – https://www.unimoni.com/media-centre/press-releases/uaeexchange-unimoni-golive-ripple-blockchain-network.
Finablr, a global platform for Payments and Foreign Exchange solutions, today announced that its network brands UAE Exchange and Unimoni are now on RippleNet. The brands 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. With this, UAE Exchange and Unimoni become the first in their category in the Middle East to have adopted blockchain technology to process transactions.
This service has been launched first 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.
Alipay’s end users will now befit from seamless access for remittances through Finablr Omnichannel network. As we noted before Unimoni and the UAE Exchanger are apart of this network which are both connected to RippleNet. Finablr has announced that the first phase of this partnership has been completed and Finablr platform is now integrated with Ant Financials remittance system. Clara Shi head of AliPays global remittance business said that they now offer round the clock – real-time transfers between Hong Kong and the Phillippines using Gcash. Who is Gcash in partnership with? You guess it MoneyGram.
The first phase of the partnership has been completed with the successful integration of the Finablr platform with Ant Financial’s remittance system, facilitating seamless remittances through Finablr’s global network.
Okay enough of me rambling on giving you the back story of Finablr and Alipay – I am sure you see the picture that is being painted here right?
- Finablr is live on RippleNet via the UAE Exchange and Unimoni
- Ant Financial formerly known as Alipay has joined Finablr to benefit from seamless access for remittances
- Finablr and Ant Financial integration has been completed (phase 1) which will facilitate seamless remittance through Finablr’s global network (UAE and Unimoni both RippleNet Enabled/live)
- AliPay offers round the clock real-time transfers b/t Hong Kong and the Phillippines using Gcash
- Gcash and MoneyGram announce customers worldwide can now also send money to over 10 million GCash mobile wallets in the Philippines, 24/7
Do you see what just happened? AliPay has just expanded in a major way their global platform which is all connected to RippleNet enabled money transfer/exchanges.
Gcash and MoneyGram / Gcash and Alipay
Finablr and RippleNet / Finablr and AliPay
Every which was RippleNet is in the background.