coinspectator - 2/11/2019 6:23:39 PM - GMT (+0 )
According to the release, Finablr will be utilizing the Ripple Network for its UAE Exchange and payment platform Unimoni to conduct real-time, blockchain based transactions to Thailand. As stated in the press release, the integration of Ripple’s Payment Network makes UAE Exchange and Unimoni the first categorical group of its kind in the Middle East to adopt blockchain technology for processing transactions, a landmark event for both the global development of the industry and its broader use. The initial use of the service will focus on Thai banking branch Siam Commercial Bank, one of the largest banks in Thailand according to the release, which will allow customers of UAE Exchange and Unimoni from around the world to transfer money instantly to recipients in Thailand.
Promoth Manghat, Executive Director and CEO of Finablr and Group CEO of UAE Exchange and Unimoni, related his company’s excitement for integrating blockchain into their existing service, a move he believes will prove advantageous with the innovation of financial technology, “The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience. Navin Gupta, Managing Director of South Asia at Ripple also commented on the partnership, echoing the sentiment that Ripple’s payment network is improving the experience of sending money globally, while also broadening adoption for blockchain, “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.” Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full