UAE Exchange and Unimoni Go Live on Ripple’s Blockchain Network for Cross-border Remittances
– Finablr network brands UAE Exchange and Unimoni capitalise on blockchain technology using RippleNet for cross-border money transfers.
– Service launched with international remittances to Thailand, with other countries to follow suit.
– The renowned financial services brands become the first in their category in the Middle East to implement blockchain-based money transfer services.
Dubai: Finablr, a global platform for Payments and Foreign Exchange solutions, today announced that its network brands UAE Exchange and Unimoni are now on RippleNet. The brands will use the blockchain-based platform provided by Ripple for real-time, seamless cross-border transactions to Thailand, with plans in place to extend it to other countries. With this, UAE Exchange and Unimoni become the first in their category in the Middle East to have adopted blockchain technology to process transactions.
This service has been launched first with Siam Commercial Bank, one of the largest banks in Thailand, enabling UAE Exchange and Unimoni customers around the world to transfer money instantly to their beneficiaries in Thailand.
Commenting on the launch, Promoth Manghat, Executive Director and CEO at Finablr and Group CEO at UAE Exchange and Unimoni, said, “The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience. The launch of this service is a significant milestone for us in our commitment to enable seamless services for our customers, and we thank our partners Ripple and Siam Commercial Bank for their collaborative support in this journey.”
Expressing delight on the launch, Navin Gupta, Managing Director, South Asia and MENA at Ripple, said, “We are excited to see this collaboration go live, allowing customers in any part of the world to send live payments to Thailand instantly and efficiently. In pursuit of our shared goal to provide a frictionless experience when moving money globally, we will continue to support our partners – UAE Exchange and Unimoni – in their efforts to deliver innovative technology-led financial solutions.”
Welcoming the partnership, Dechapol Lamwilai, FSVP, Head of Disruptive Technology Office, Siam Commercial Bank, said, “We are delighted to be a part of the UAE Exchange and Unimoni journey in leading frictionless cross-border transfer experiences in the new digital era. As strategic partners, we look forward to working closely together to provide best-in-class payments solutions that bring added value and convenience to customers sending money into Southeast Asia.”
The Finablr network of brands include category renowned brands, such as UAE Exchange, Unimoni, Travelex, Xpress Money, Remit2India, Ditto and Swych, and handled more than 150 million transactions in 2017. With UAE Exchange and Unimoni already on RippleNet, Finablr will continue to seek opportunities to leverage the efficiencies of the blockchain platform.
About Finablr
Finablr is a global platform that brings together full-service Payments and Foreign Exchange solutions underpinned by modern proprietary technology. With deep regulatory know-how, a relentless focus on innovation and leading industry partnerships, Finablr network companies provide a broad array of tailored and trusted financial solutions for consumers, corporates and enterprises across a worldwide network of retail stores, digital channels and payments platforms. With a network reach spanning over 160 countries and regulated by over 95 regulators worldwide, Finablr network companies help customers achieve their desired lifestyles and their business goals by developing a deep understanding of their requirements, designing and delivering a range of solutions tailored to their needs.
With category renowned brands, such as UAE Exchange, Travelex, Xpress Money, Unimoni, Remit2India and Ditto, the Finablr network companies processed over 150 million transactions in 2017, touching an estimated billion lives. Finablr seeks to lead the evolution of the financial services industry and is at the forefront of disruptive trends, investing in new innovative companies via its subsidiary, Finablr Ventures. Through its, incubator and accelerator programmes, Finablr provides growing companies with access to its ecosystem of products and services, compliance and proprietary technology.
For more information, visit the Finablr website: www.finablr.com
About UAE Exchange
UAE Exchange is a renowned financial services brand established in the United Arab Emirates in 1980. The brand offers a full suite of diversified and innovative financial solutions in money transfer, foreign exchange and payments solutions. The customer-centric ethos combined with a quality-driven approach, constant innovation in products and processes, and the deployment of latest technological advancements sets UAE Exchange apart from its peers. UAE Exchange has been globally recognised and awarded for its corporate citizenship, customer service initiatives and business excellence such as Dubai Quality Gold Award, Mohammed Bin Rashid Al Maktoum Business Award, Great Place to Work Award, Emiratisation Award, Sheikh Khalifa Excellence Award etc. UAE Exchange has partnered with leading institutions such as Emirates Foundation and Dubai Cares, and is a member of World Economic Forum and the United Nations Global Compact.
UAE Exchange is part of the Finablr network of brands. Finablr network brands provide a broad array of innovative and trusted financial solutions for consumers, corporates and enterprises, through its deep regulatory know-how, relentless focus on technological innovation and a global network of retail stores, digital channels, payments platforms and industry partnerships.
For more information, visit the UAE Exchange website: www.uaeexchange.com
About Unimoni
Unimoni is a renowned global provider of Money Transfer, Foreign Exchange, Payment and Credit solutions. Unimoni facilitates the seamless movement of money across geographies, currencies and channels to enable its customers to achieve their financial ambitions. It offers multiple customer touch-points including retail stores, digital and mobile solutions and self-service kiosks.
At Unimoni, customer-centricity is at the heart of everything we do. The investments in innovation and technology has enabled Unimoni to deliver exceptional customer experiences that combine convenience, speed and value. Unimoni strives to provide the customers with secure and simplified one-stop financial services and solutions attuned to their schedule and lifestyle.
Unimoni is part of the Finablr network of brands. Finablr network brands provide a broad array of innovative and trusted financial solutions for consumers, corporates and enterprises, through its deep regulatory know-how, relentless focus on technological innovation and a global network of retail stores, digital channels, payments platforms and industry partnerships.
For more information, visit the Unimoni website: www.unimoni.com