Ripple Further Expands Its Partner Network Adding Major UAE Payments Company Finablr

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by Sofiko Abeslamidze · 3 min read
Ripple Further Expands Its Partner Network Adding Major UAE Payments Company Finablr
Photo: Finablr / Twitter

Putting aside SWIFT’s rough criticism over the next generation banking payment system, RippleNet, the company behind the legendary remittance technology steadily expands its partnership network teaming with innovative fintech upstarts.

The emerging technical transformation is gradually shifting the gears of traditional legacy systems toward a cutting-edge digital cloud architecture powered by disruptive blockchain technology. Blockchain has successfully married core principals of untamperable ledger security with transparency and speed, thus ultimately making it a number one solution for any financial infrastructure.

Running on the blockchain RippleNet, a product of the U.S.-based company Ripple, provides banks and financial agents with an alternative set of remittance corridors that offer high transaction speed for good price.  No wonder that RippleNet has undergone numerous attacks from its entrenched rival on the side of conventional rip-off banking, SWIFT.

Nevertheless, the vast criticism of RippleNet has not shattered confidence in breakthrough technology instead, swaths of banks and fintech firms are willing to give it a shot. And there is a particular reason for such enthusiasm. As World Bank reveals, over the last year the overall number of international money transfers have grown to about 10.3 per cent when most of the increase stands for the remittances to developing countries including China, Thailand and the rest of prominent Asian Dragons. The institute projects these figures will gain an additional 4 per cent this year.

RippleNet Delivers Arabic Money to Thailand

As a result, Ripple expects an influx of prospective partnership deals in the foreseeable future. In the meantime, the company is partnering with UAE-based payments and foreign exchange company Finablr. Upon the agreement, the blockchain-based technology of RippleNet enables Finablr to enjoy seamless cross-border payment between the firm and the largest bank of Thailand, Siam Commercial Bank, which is already a Ripple partner.

Speaking on the signed collaboration Finablr’s CEO, Promoth Manghat said:

“The adoption of blockchain opens up the considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience.”

He also stressed that the company is excited to adopt the fast-evolving blockchain technology for a reboot of remittance experience and it hopes that together with RippleNet Finablr will face no problems while streamlining international payments over a broad network of 200 Ripple’s partners.

Ripple Boosts Blockchain Science Donating $2 million to the University of Kansas

Being in the centre of financial binge seemingly does not curb Ripple’s social awareness. The company harnesses its multi-billion fortune to serve blockchain massive adoption.

The other day it became known that Ripple has denoted roughly $2 million to support blockchain science in the University of Kansas. According to the announcement, the university is going to use Ripple’s money to sponsor research on blockchain, crypto, and digital payments. Ripple also will collaborate with students and faculty at KU by providing subject matter expertise and technical resources.

It is worth mentioning that the University of Kansas became one of the eleven new universities that Ripple started to support as a part of its University Blockchain Research Initiative.

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