According to a press release published on the 11th of February, 2019, a worldwide payment platform cum foreign exchange operator called Finablr, from the United Arab Emirates, has come on board the RippleNet blockchain network, controlled by Ripple (XRP).
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The two network brands of Finablr, namely, the UAE Exchange and Unimoni, the payment platform, will make use of the blockchain technology underlying the RippleNet. Using it, completion of transactions aimed towards Thailand, is expected to get speedier and smoother. As per reports, the firm also hopes to take the service to several countries besides that in the coming days and months.
Siam Commercial Bank, a bank from Thailand that has come on board to help with this service, has considerable experience when it comes to operating on the RippleNet. It has earlier tried it out in the form of a trial for the “multi-hop” feature of RippleNet as early as September 2018. It was, in fact, the first financial institution to hop on board.
As per the press release:
“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.”
Promoth Manghat, who serves as the Executive Director and CEO at Finablr and Group CEO at UAE Exchange and Unimoni, commented about the launch:
“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.”
Navin Gupta, Managing Director of Ripple in South Asia and MENA also echoed the enthusiasm, saying:
“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.”
The partnership was also celebrated by Dechapol Lamwilai, FSVP, Head of Disruptive Technology Office, Siam Commercial Bank, who said:
“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.”