The world is moving towards an environment where digital currencies are being involved in most of the real-life use cases. Payment systems play a major role in spreading cryptocurrencies world-wide, as that’s where the cryptos are being used the most.
A Financial Services provider firm Finablr’s brands UAE Exchange and Unimoni will soon be providing cross-border remittances service. Finablr is a UAE-based payment and foreign exchange company. UAE Exchange and Unimoni have decided to collaborate with US-based crypto giant Ripple. Using RippleNet, both the firms will offer cross-border remittances to Thailand through the blockchain.
In Thailand, Finablr will be joining hands with Thailand’s most influential banking institute Siam Commercial Bank. As the statement says, the collaboration will work on to provide the payment service via RippleNet. Finablr’s executive director and CEO, Promoth Manghat noted,
“The adoption of blockchain opens up the 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.”
The statement from the firm reveals that Finablr has plans to expand the service to other countries. Notably, Finablr is the first ever firm in its category in the Middle East to implement blockchain technology for the money transfer process. Generally, Cross-border money transfers were used to be carried out by foreign exchange outlets. But with the changing times, now a large portion of consumers is getting comfortable with transactions made from apps and websites. This transformation is making an impact thanks to blockchain technology. Such an opportunity opened by blockchain is something that Finablr is seeking to capitalize on. Here, the company says,
“Finablr will continue to seek opportunities to leverage the efficiencies of the blockchain platform.”
As both the UAE based firms are going to provide cross-border remittances service with the help of Ripple, Navin Gupta, Managing Director, South Asia and MENA at Ripple expressed excitement regarding the partnership. According to him, Ripple will continue to support its partners – UAE Exchange and Unimoni to execute their plans to deliver innovative technology-led financial solutions.