In line with a recent official press release published, ‘Finablr‘, an international payment platform and foreign exchange operator based within the UAE [United Arab Emirates], joins Ripple [XRP] Ripple-Net blockchain network.
Finablr’s network brands, UAE Exchange & payment platform named ‘Unimoni’, would employ the blockchain-based platform provided by Ripple to process real time transactions to Thailand. The firm conjointly reported that it has plans to expand the services to alternative countries in future as well.
In line with the press release, the first partner within the service major Thai bank, Siam Commercial Bank, permitting the UAE Exchange and Unimoni clients globally send money to Thailand. The bank has been ‘operating‘ with Ripple-Net since Sept. last year, when it became the platform’s 1st financial institution to trial a key feature dubbed “multi-hop.”
The managing director of South Asia and MENA at Ripple [XRP] named ‘Navin Gupta’, believes that joining a blockchain network with over 100-member banks and monetary establishments can let UAE Exchange offer a lot more economical services to its customers.
Earlier in Feb. last year, UAE Exchange 1st ‘partnered‘ with Ripple [XRP] for cross-border payments. Towards the end of 2018, the exchange — reportedly the major payments firm within the Middle East to use Ripple-Net, revealed that the blockchain-based remittances to Asia would be offered by Q1 in 2019.
The UAE itself is actively searching new crypto and blockchain-related technologies. Recently, the country in agreement with Saudi Arabia launched a cross-border digital currency. The UAE reserve bank additionally revealed that the digital currency, named as “Aber,” can solely be offered for a restricted number of banks within the two countries while in the time-being when the technology is being tested.
A subsidiary of Sia Commercial Bank antecedently partnered with the international management consultancy firm named ‘Accenture’ to launch a ‘blockchain‘ tool geared toward the supply chains.