The payment and foreign exchange company Finablr has recently joined RippleNet, the network of banks and financial institutions of the cryptocurrency Ripple (XRP). The company’s network – which includes UAE Exchange, Unions, Travelex, Xpress Money, Remit2 India, Ditto and Swych – will use Ripple technology to enhance cross-border transactions. Finablr, based in the United Arab Emirates, has also partnered with Siam Commercial Bank, in Thailand, to offer instant cross-border transactions.
Through RippleNet and in collaboration with Siam Commercial Bank, Finablr promises that UAE Exchange and Unesco customers can make instant transfers to Thailand.
Finablr joins RippleNet: instant transactions thanks to Ripple (XRP)
In 2017, Finablr managed almost 150 million transactions through its network. These volumes are equivalent to about 100 billion dollars for its 18 customers. However, the company has global coverage, being in fact active in 160 countries and regulated by 95 supervisory authorities.
According to Trade Arabia , Finablr also plans to expand the offers of instant payment services to other countries.
Promoth Manghat, executive director and chief executive officer of Finablr, as well as CEO at UAE Exchange and Unimoni, said:
Use of the blockchain opens up a world of opportunities to optimize transactions and provide a simple, fast and secure payment experience.
The United Arab Emirates announced its partnership with Ripple on February 8, 2018. The parent company Finablr should launch its initial public offering (IPO) next March 2019.