Categories

UAE exchange going live with RippleNet to begin cross border payments

One by one the dominos are falling and we are see different exchanges/payment providers announce that they are going live with RippleNet. Just last night we get news that Finablr will provide cross-border payment services using RippleNet. That’s not all, Finablr also announced that they have plans to expand this service to other countries. For those who do not know, Finablr is a UAE (United Arab Emirates) based payments and foreign exchange company. Finablr has partnered with Siam commercial bank in Thailand who is also connected to RippleNet. Siam Commercial Bank, one of the largest banks in Thailand. 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. According to the World Bank, future remittances to low- and middle-income countries are expected to grow moderately by 4 per cent to reach $549bn in 2019. Global remittances are expected to grow 3.7 per cent to $715bn in 2019.

If you recall we got news in December that the UAE was going live in Q1 with cross-border payments using RippleNet and they did not let us down.

Here was the quote from Promoth Maghat:
“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”

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.”

Fun Fact:
In November, Finablr acquired India’s digital payments firm TimesofMoney from Network International to capitalise on the growth of e-commerce

    Leave Your Comment

    Your email address will not be published.*

    Forgot Password