• The Informer Post
  • Posts
  • Ripple-Powered Money Transfer Firm Partnering With Chinese Payment Giant Alipay

Ripple-Powered Money Transfer Firm Partnering With Chinese Payment Giant Alipay

November 28, 2019

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.

Says Finablr,

“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.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.