Ripple’s primary focus has been to initiate partnerships across the spectrum, and the partners themselves have ensured they keep the tradition alive. In a new announcement, Finablr, one of Ripple’s famous partner, revealed that they would be signing a Memorandum of Understanding [MoU] with UnionPay International for a global payments technology partnership.
The official release from Finablr stated:
“As a part of the arrangement, UnionPay cardholders will be able to access a range of services offered by Finablr’s global network of trusted brands across various markets. For UnionPay International, the partnership will accelerate its international network expansion by leveraging Finablr’s omnichannel capabilities and global reach.”
The tie-up will address the areas of cross-border payments digital wallets, VAT refunds, digital shopping and gifting, and ATM networks. One of Ripple’s primary focus has always been cross border transactions and with the Money Express linkage facilitating large cross transactions into mainland China from several international markets.
Mehul Desai, the Group Chief Technology Officer at Finablr, also said:
“Our goal is to facilitate seamless access for consumers and businesses to the new economy. Through our collaboration with UnionPay International, we will bring to market innovative solutions that benefit billions of UnionPay cardholders as well as hundreds of millions of international consumers spending in or sending money into China.”
Customers in China will be able to conduct cashless payments using Finablr’s Swych, which will enable trade across a global network of retailers. Finablr’s sight on the cross border transaction department has been evident for some time as the company had also partnered with Samsung to help its cause. Samsung’s Money Transfer will use Finablr’s Travelex to let users transfer money across countries.
The UnionPay tie-up will be one of many units that will be used to create a seamless transaction network. Larry Wang, the Vice President of UnionPay International, said:
“As the bankcard scheme that serves the world’s largest cardholder base, UnionPay is committed to providing safer and easier payment services to our growing global cardholders and merchants. We are excited to leverage Finablr’s global presence and their portfolio of payments technology solutions to realize our vision of further expanding the reach of our network to international markets and consumers.”
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