Ripple-Powered Money Transfer Firm Partnering With Chinese Payment Giant Alipay
Finablr, a RippleNet member and global payments platform, is partnering with the Chinese mobile payments giant Alipay on a remittance project.
The partnership will make use of blockchain, though it is unclear at this time if Ripple’s products will be utilized.
Says Clara Shi, Alipay’s head of the global remittances business,
“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. For example, 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.”
The United Kingdom-based Finablr says its cross-border payments technology currently serves more than 25 million people in 170 countries worldwide.
It’s the parent company of the United Arab Emirates-based UAE Exchange, which joined Ripple’s network of banks and payment providers earlier this year.
Alipay, which is operated by Ant Financial, serves more than 1.2 billion people globally together in combination with its local e-wallet partners.
“The first phase of the partnership has been completed with the successful integration of the Finablr platform with Ant Financial’s remittance system, facilitating seamless remittances through Finablr’s global network.
The partnership is exploring the extension of the remittance service to Ant Financial’s ecosystem remittance network, including Alipay’s global e-wallet partners.”
Finablr and Alipay also plan to investigate other avenues of possible technological innovation, including digital gifting and building solutions through the Ant Blockchain Information System.