A foreign exchange company based in the United Arab Emirates (UAE) has begun using Ripple’s blockchain technology to complete cross-border remittance payments. Finablr, a firm which owns and operates both the UAE Exchange and Unimoni, will initially adopt the technology to make payments to Thailand, with a view to expanding into other countries over time.
Executive Director in Chief of Finablr, Promoth Manghat, spoke of the advantages that blockchain technology provides to the cross-border payments industry. “The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience,” he said.
The partnership was first announced in early December last year with the aim to go live in the first quarter of 2019. In order to facilitate the payments to Thailand, Finablr has entered into an agreement with Siam Commercial Bank, one of Thailand’s largest financial institutions.