UAE exchange to go live with cross border payment services using RippleNet

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  • Finablr, a UAE-based payment and foreign exchange company, announced that they would provide cross-border payment services using RippleNet.
  • Finablr has made many vital partnerships and acquisitions in recent times, namely Thai-based Siam commercial bank and Indian digital payments firm TimesofMoney.

Finablr, a UAE-based payment and foreign exchange company, announced that they would provide cross-border payment services using RippleNet. They also mentioned that they want to expand these services to other countries. Promoth Manghat, the director and chief executive of Finablr, stated:

“The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience.”

Finablr has been busy making partnerships. They have partnered with Siam commercial bank, in Thailand which is also connected to Ripple. They also recently acquired Indian digital payments firm TimesofMoney. As reported by The National:

“The company [Finablr], which is owned by Indian-born businessman BR Shetty, processed more than 150 million transactions in 2017 through its network that includes Xpress Money, Unimoni, Remit2India, Ditto and Swych.”

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