UAE-based foreign exchange company, Finablr is planning to capitalize on the blockchain technology as its brands will be now joining the RippleNet network
Joining the Network of RippleNet
The latest company to partner with Ripple is Finablr, a UAE-based payments and foreign exchange company. Its brands Uninomi and UAE Exchange, according to the company will be partnering up with US-based startup Ripple to offer cross-border remittances to Thailand.
Finablr had partnered with one of the largest bank of Thailand, Siam Commercial Bank which is a Ripple partner to provide services on RippleNet. Now, it is planning to expand its services to other countries.
“The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience,” said Promoth Manghat, the executive director and chief executive of Finablr.
RippleNet is a network of over 200 banks including Standard Chartered MUFG Bank among other institutional payment providers that Unomoni and UAE Exchange are operating on.
Capitalizing the Blockchain Technology
According to the World Bank, remittances flow to South Asia has grown about 13 percent last year. Asia is one of the major recipients of remittances from the workers in the Middle East, where Finablr is based.
While global remittances that include flows to high-income countries have grown about 10.3 percent to $689 billion, the remittances to developing countries have been estimated to increase by 10.8 percent and reached $528 billion in 2018.
In 2019, the global remittances are expected to grow 3.7 percent to $715 billion. While the future remittances to low and middle income countries are projected to grow a moderate 4 percent to $549 billion this year.
Cross-border transfers are usually made via foreign exchange but with the entry of blockchain technology, now use of apps and websites has become widespread. And Finablr is seeking to capitalize on just that as the company stated,
“Finablr will continue to seek opportunities to leverage the efficiencies of the blockchain platform.”
Finablr also acquired a digital payments firm TimesofMoney in order to capitalize on the e-commerce growth, in November. Last year, Manghat shared the plan to list it on the London Stock Exchange, “when the time is right.”