Frist in UAE: Finablr Joins in Ripple’s Payment Network to Do Cross-Border Transactions
[ChainDD report] February 12 (ChainDD) Finablr, a UAE-based payment platform and foreign exchange platform operator, announced Unimoni, its payment platform, and UAE Exchange, its platform dealing with foreign exchange and transmit, are on RippleNet, a payment network of XRP’s operator Ripple.
Finablr said Unimoni and UAE Exchange become the first in their category in the Middle East to have adopted blockchain technology to process transactions. Their first partner is Siam Commercial Bank, the third largest bank in Thailand.
Unimoni and UAE Exchange will use blockchain-based platform provided by Ripple to conduct seamless and real-time cross-border transactions to Thailand, making their global customers instantly transfer money to parties in Thailand. They plan to extend the service to other countries.