Finablr’s UAE exchange to partner with Ripple to provide cross border payments

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Ripple, the blockchain- based cross border payments company, has boasted numerous partnerships with financial institutions over the last year. Reportedly, the company has signed several international partnerships with high profile companies and is looking forward to more partnerships. UAE exchange and Unimoni are the newest additions to Ripple’s partners’ list.

UAE exchange and Unimoni are subsidiaries of Finablr, a payments company based in UAE. UAE exchange and Unimoni will partner with Ripple to facilitate cross border payments to Thailand utilizing the Ripple blockchain. According to a report, Finablr partnered with Siam Commercial bank to provide cross border payment services on RippleNet. The company also plans to expand its services globally.

“The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience,” said the Finablr CEO, Promoth Manghat.

RippleNet is a payment network on blockchain established by Ripple. It has more than 200 banks on its network and provides cross border remittance services. RippleNet is known for speedy transactions with instant settlements. RippleNet currently operates in over 55 countries and has some notable partners including Euro Exim bank and SBI Holdings, Japan.

“Finablr will continue to seek opportunities to leverage the efficiencies of the blockchain platform,” the company said.

Finablr is seeking to go public according to a recent announcement. The company plans to launch an IPO next month and get listed on the London Bourse. “The Finablr IPO will happen in March and it will be listed on the London bourse. However, we don’t know the size of the IPO. We expect a very good response because we have a very good track record,” said B.R. Shetty, the CEO of Finablr.

HSBC, Goldman Sachs and JP Morgan are managing the IPO. Book runners are local and international banks. Finablr is dipping toes into blockchain will mean that the company will be capable of executing faster and secure transactions.

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