Unimoni And UAE Exchange Go Live In Thailand Through The Ripple-Based Payments Technology

13. Feb 2019 Posted by Guest on News

UAE Exchange and Unimoni which are crypto remittance firms have indicated that they have gone live in Thailand through the ripple based payment technology.

The announcement came out on Sunday from Finablr which owns the two brands stating that they were going live with real-time cross border remittance through the RippleNet technology. The announcement stated that the remittance firms will start with payments for their customers in Thailand with other destinations in various countries expected to be added in the future. 

Adoption of crypto to transform remittance

Finablr launched the services in collaboration with the Siam Commercial bank of Thailand. While speaking on the development, Finablr CEO and Director Promoth Mangahat indicated that the adoption of blockchain provides significant potential for the streamlining of remittance while at the same time offering smooth, secure and fast payments experience.

Besides the Unimoni and UAE Exchange, Finablr also owns Xpress Money, Travelex, Swych and Remit2India Ditto. According to the announcement the company equally plans to extend the deployment of the blockchain technology to some of these brands.

Manghat stated that UAE Exchange partnered with Ripple last year in February with the aim of reducing the costs associated with cross border remittance. The company expected to launch Ripple-based payments to the rest of Asia in the Q1 FY2019. 

Growing adoption Ripple technology

There is a growing trend in the adoption of Ripple-based payments among financial firms and banks and there are close to 200 institutions across the globe that has adopted the blockchain based payments.

In December last year, the National Bank of Kuwait unveiled a remittance service that they called NBK Direct remit that employs the RippleNet technology. Similarly, in recent months South Korean cryptocurrency exchange Copinone, Malaysian Banking Group CIMB as well as the United States PNC banking giant have joined the trend by adopting the RippleNet technology.

Although most crypto clients have a preference of using payments infrastructures without XRP cryptocurrency developed by Ripple, some such as Euro Exim bank has been leading in taking XRP across the border and they were the first bank to announce publicly that they were employing XRP at the beginning of the year.