UAE Exchange and Unimoni, the network brands of UAE-based payments platform Finablr, are live on Ripple’s blockchain network RippleNet.
Leveraging blockchain, UAE Exchange and Unimoni will support cross-border fund transfers to Thailand.
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By GlobalDataPlans are also on for a broader rollout of the service in the future.
Ripple managing director for South Asia and MENA Navin Gupta 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.”
The initiative is being supported by Thai lender Siam Commercial Bank.
Finablr executive director and CEO and UAE Exchange and Unimoni group CEO Promoth Manghat 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.”
Last month, the central bank of UAE teamed up with its counterpart in Saudi Arabia to launch a common digital currency project dubbed Aber.
The project, currently under trial, is said to support financial settlements between the two countries through blockchain and distributed ledgers technologies.
