UAE: Financial Company Finablr Joins Ripple
Representatives of a global payment system from UAE – Finablr – announced that it would use RippleNet, Ripple’s blockchain development.
Finablr’s cooperation with Ripple
Financial company Finablr from UAE announced that its brands UAE Exchange and Unimoni would cooperate with Ripple to implement blockchain-based money transfers to Thailand. It is supposed that the company will expand the number of countries will be able to use the services of Finablr and Ripple in the future.
Ripple payments from UAE to Thailand
According to the press release, the first partner is Siam Commercial Bank – one of the largest Thailand’s banks. Cooepration will allow UAE Exchange and Unimoni users transfer money to Thailand. Note that the banks cooperates with RippleNet since last September – Thai bank became the first financial organization which tested «multi-hop» feature with the help of RippleNet. This feature will allow a financial organization to make payments in the name of another financial organizations.
Blockchain development of UAE Exchange
Last February, UAE Exchange started cooperating with Ripple to increase transaction payments efficiency. By the end of 2018, UAE Exchange which is reportedly the largest payment company in the Middle East who uses RippleNet announced that it would become possible to transfer money to Asia with the help of blockchain in Q1, 2019.
UAE studies the technology connected with crypto currency and blockchain actively. Thus, it became known recently that UAE was going to cooperate with Saudi Arabia – it is planned to launch a digital currency for trans boarder payments. UAE central bank claimed that Aber digital currency would be available to a limited number of banking organizations during the testing process.