Finablr, a global platform for payments and foreign exchange solutions, has 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, said a statement from the company.
With this, UAE Exchange and Unimoni become the first in their category in the Middle East to have adopted blockchain technology to process transactions, it said.
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, executive director and chief executive officer at Finablr and group chief executive officer 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,” he added.
Navin Gupta, managing director, South Asia and Middle East and North Africa (Mena) at Ripple, said: “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.”
Dechapol Lamwilai, FSVP, head of disruptive technology office, Siam Commercial Bank, 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,” Lamwilai added.
The Finablr network of brands include category renowned brands, such as UAE Exchange, Unimoni, Travelex, Xpress Money, Remit2India, Ditto and Swych, and handled more than 150 million transactions in 2017. With UAE Exchange and Unimoni already on RippleNet, Finablr will continue to seek opportunities to leverage the efficiencies of the blockchain platform, it stated.