Ripple has added one more exchange and payment platform to its group of 200+ global customers.
The new addition is Finablr, a UAE based payment platform and foreign exchange operator. Its network brands UAE Exchange and Unimoni will now provide customers with global payment experience through Ripple Inc, making them the first of their categories from UAE to use blockchain for payment purposes.
The process will first start from Thailand, with plans to extend it to other countries.
The Chief Executive Officer of Finablr, Promoth Manghat commented on this development:
“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.”
With a global reach spanning more than 160 countries and nearly 150 million transactions processed in 2017, the Finablr network managed close to $100 billion in volumes and is licensed to operate in 44 countries and regulated by 95 regulators.
UAE is making rounds on the newsrooms for having an increased interest in blockchain. Recently Saudia Arabia and UAE came together to launch a Saudi-Emirati Pilot Cryptocurrency as to weigh in the potential assets and liabilities this technology holds.
Joining Ripple Inc. might be the next big thing for Finablr. With Ripple’s sizeable network and Finablr’s reach, together, the future is unlimited.
Photo by Kevin Delvecchio on Unsplash