The entire cryptocurrency industry has noticed Ripple’s focus on the remittance market, and that has led to other organization wading into the field. In a new turn of events, Finablr, one of Ripple’s more popular and celebrated partners, announced their partnership with Alipay, the subsidiary of the Jack Ma founded Ali Express.
The deal will allow Finablr to use the Ant Blockchain Information System in a bid to attract more customers from Asian bigwigs such as China. Cryptocurrency proponents are expecting some retaliation towards Finablr from Ripple supporters, but as of now, there has been no significant ruckus from their end. Clara Shi, the head of global remittances business at Alipay, had stated:
“Using blockchain technology developed by Alipay, we have helped launch a blockchain remittance service between our e-wallet partners AlipayHK and GCash, providing round-the-clock, real-time transfers between Hong Kong and the Philippines. We are excited to partner with Finablr for global remittances, as we continue to explore new ways to apply our technology in order to benefit more people around the world”
The main of the partnership has been to expand the support and the networks of remittance network users in China as well as other major Asian countries. Once the system is in place and the partnership takes off, an Alipay e-wallet user will technically be able to send capital to another person on Finablr’s system.
Finablr has created waves in the United Arab Emirates remittance sector, an industry that is seen as the burgeoning growing field for the world’s largest remittances market. Promoth Manghat, the CEO of Finablr, had stated that one of the main focuses of the partnership was to empower the financial aspirations of billions of consumers with enhanced access and convenience for their cross-border payment needs.
Finablr has also been pretty active in partnering with mainstream companies, and its team-up with Samsung in October stood out. Finablr and Samsung were working together to take Money Transfer, a service available only in the US, to other countries as well.
The Ripple partner had said that the cooperation with the South Korean technology giant would involve creating a new in-app feature that will allow fund remittance to foreign recipients. The service will be spread to 47 other countries, including major ones such as Australia, Britain, China, Mexico, and Vietnam.
The Finablr owner Travelex will be responsible for handling worldwide transactions. Although cryptocurrency enthusiasts are fervently waiting for the process to use Ripple’s financial framework, the company has stated that it will continue to use SWIFT for all its transactions for the time being.
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