Financial company Finablr of the UAE announced that its brands UAE Exchange and Unimoni will work with Ripple for sale on the blockchain money transfer to Thailand.
Finablr signed a partnership agreement with Siam commercial Bank, one of the largest in Thailand, to provide services in RippleNet. The future plans of the company from the Emirates to expand the service to other countries in Asia.
On cooperation UAE Exchange and Ripple to start money transfer in Asia on the blockchain it was reported in December. Chapter Finablr magazine promotion Magat (Promoth Manghat) then we say that a decision is expected in the first quarter of 2019.
“The introduction of the blockchain opens up considerable potential for optimization of remittances and ensure easy and safe payment process,” said Executive Director and President Finablr.
Asia is one of the major recipients of remittances from foreign workers in the middle East region, where is Finablr. According to the world Bank, last year’s remittance flows to South Asia grew by 13.5%. According to estimates, officially recorded remittances to developing countries increased by 10.8% reached in 2018 $528 billion and it is Projected that global remittances to countries with high income grows up by 10.3% to $689 billion.
Recall that Siam commercial Bank earlier and began to cooperate with Coinone Transfer service for money transfers on the blockchain from South Korea.