Ripple Further Expands Its Partner Network Adding Major UAE Payments Company Finablr

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Ripple Further Expands Its Partner Network Adding Major UAE Payments Company Finablr

Putting aside SWIFT’s rough criticism over the next generation banking payment system, RippleNet, the company behind the legendary remittance technology steadily expands its partnership network teaming with innovative fintech upstarts.

Ripple Further Expands Its Partner Network Adding Major UAE Payments Company Finablr

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Source: CoinSpeaker

Ripple News: Finablr’s UAE Exchange & Uninomi to Partner with Ripple for Cross-Border Remittances to Thailand

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.”
The post Ripple News: Finablr’s UAE Exchange & Uninomi to Partner with Ripple for Cross-Border Remittances to Thailand appeared first on Coingape.
Source: CoinGape

Ripple News: Finablr’s UAE Exchange & Unimoni to Partner with Ripple for Cross-Border Remittances to Thailand

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 Unimoni 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.”
The post Ripple News: Finablr’s UAE Exchange & Unimoni to Partner with Ripple for Cross-Border Remittances to Thailand appeared first on Coingape.
Source: CoinGape

Ripple And Finablr’s UAE Exchange To Debut Blockchain Payments By Early 2019

Soon by the first quarter of the 2019, Asia may experience the cross-border payment settlement system. According to the local press, UAE Exchange is joining hands with U.S startup Ripple to offer cross-border remittances to Asia based on the blockchain. Promoth Manghat, executive director and chief executive at Finablr states;
“We expect to go live with Ripple by Q1, 2019 with one or two Asian banks. This is for remittances to start with, from across the globe into Asia.”
UAE Exchange Debuts RippleNet to Capture Asia’s market
Finablr is the key player in foreign exchange services where UAE exchange contributes as the networking company. However, the plan to offer cross-border payment solutions is not new, earlier in February 2018, UAE exchange has tied up with Ripple, focusing on future plan of getting into the core of blockchain. Moreover, the partnership intends to brand ‘UAE exchange’ as the sole and largest firm employing Ripple technology for international remittance.

Technology’s at the centre of growth strategy. Partnership with Ripple provides customers new payments experience. Adopting this game-changing technology enhances speed of cross-border transactions. @uaeexchange is proud to deliver future of payments with @Ripple. pic.twitter.com/kLTZ13tYQk
— Promoth Manghat (@promothmanghat) February 11, 2018
Among the various products of Ripple, UAE exchange steps ahead with RippleNet. By employing RippleNet, it entered the row of 100+ Fintechs and banks to offer instant payment and transactions settlement.
UAE Exchange has been in a service of foreign exchange since 1980. Founded by B.R. Shetty, the firm is primarily headquartered in Abu Dhabi, UAE and observed how billions of funds transferred to Asia. Nevethless, an article notes that the roughly $613 billion sent in remittance in 2017 through various FX branches. Both, UAE Exchange and Ripple plan to grip up Asia’s market for remittance service by using blockchain technology.
UAE Exchange Plans to Progress Ahead of Blockchain Getting Into Mainstream
Though market appears with a lower volume since the later 2017, Finablr sees a huge potential and value in utilizing blockchain. Promoth Manghat, executive director and chief executive at Finablr aims to involve before it reaches mainstream; He said that;
“Blockchain holds tremendous promise for the industry but there is progress to be made before we see it go fully mainstream,”
He further aims to view how ripple works to boost ‘B2B solutions at Finablr’. Already in the year 2016, Finablr sets a target of investing $250million-$300million towards the expansion globally and a large amount of such target is already consumed. Manghat asserted that the firm has ‘ a strong pipeline’ now.
“Blockchain is one aspect we are looking at. We want to become the partner of choice for banks and technology companies and are looking at potential bolt-ons,” .
The post Ripple And Finablr’s UAE Exchange To Debut Blockchain Payments By Early 2019 appeared first on Coingape.
Source: CoinGape