- The exchange to go live with ‘cross-border payments on the Ripple network’ in Thailand
- Siam commercial bank of Thailand joins Finablr in this endeavor
- The exchange aims to provide faster and secure remittance service all across the globe
Ripple has been busy a lot lately building up partnerships with various major brands.
Finablr’s UAE Exchange Goes Live
Finablr’s UAE exchange alongside Unimoni has recently announced that they’ll be going live with Cross-border payments using Ripple’s Blockchain. Both the parties had previously announced their partnership back in February 2018 and gave us an expected date of launch in 2019 Q1.
RippleNet, which comprises of more than 200 member banks and financial institutions, enables messaging, clearing and settlement of transactions. Many middle eastern banks have also shaken hands with Ripple alongside global banks like Standard Chartered. ‘Promoth Manghat’, executive director and chief executive at Finablr then said:
“Blockchain holds tremendous promise for the industry but there is progress to be made before we see it go fully mainstream.”
Finablr recently partnered with Siam Commercial bank in Thailand to provide the service on Ripplenet for faster settlements. About the benefits of this partnership ‘Promoth Manghat’ on Sunday said that:
“ The adoption of Blockchain opens up the considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience.”
Asia has always been considered as one of the largest creators and distributors of wealth. Mainly due to huge amounts of immigrants. The wealth these people have created and distributed back to their countries of residence is a huge load and need faster remittance service.
Previously, this was made possible through foreign exchanges, which takes a lot of time and a considerable amount in fees. With the implementation of blockchain technology, the process has become faster, cheaper and secure. The Company plans on utilizing RippleNet to provide its customers with a better way to make cross-border settlements. The exchange mainly aims to provide this service all across the world. As of now, the operations are limited to Thailand but this will be a pilot to something huge for the banking sector in the near future.
Ripple and ABRA
Abra and Ripple have also joined hands a while ago giving Abra users in 155 countries the ability to purchase BlueChip stocks like Facebook, Amazon, Netflix and also exchange-traded funds with XRP. Abra is an unsupervised crypto wallet and an investing platform which provides up to 30 different crypto-asset investment option. This announcement by Abra came the day after it launched new traditional assets like ETFs and shares with Bitcoin.
The Abra wallet users can invest and withdraw funds using bank and wire transfers, credit and debit cards. Or, even with Cryptocurrencies like Bitcoin, Litecoin, or Bitcoin Cash. The addition of XRP to the platform now gives both the parties a greater scope of development.