Finablr, a UAE-based payments and foreign exchange firm, has announced its collaboration with Ripple to introduce a blockchain-based payment service to streamline cross-border remittances and payment system in Thailand.
The company has stated that its brands, namely UAE Exchange and Unimoni, are partnering with Ripple to make money transfer across borders faster and more secure. The organization has also disclosed its plans to extend its services to other countries, gradually.
The entity has also partnered with Thailand’s Siam Commercial Bank to use RippleNet for enabling a seamless payments transfer platform in the nation. The blockchain-based system is expected to ease remittances by providing a hassle-free and streamlined faster payments experience to consumers, said Promoth Manghat, Executive Director and CEO of Finablr.