Abu Dhabi, UAEMonday 9 December 2019

Finablr to partner with China-based Alipay to boost remittances

Alipay has more than 1.2 billion customers and supports 27 currencies for cross-border payments

Finablr, the UAE payments and foreign exchange holding company will be partnering with China based Alipay. Victor Besa / The National
Finablr, the UAE payments and foreign exchange holding company will be partnering with China based Alipay. Victor Besa / The National

Finablr, the UAE payments and foreign exchange company, is to partner with China-based Alipay to boost cross-border remittances, the two firms said on Wednesday.

Operated by Alibaba-affiliated Ant Financial, Alipay currently serves more than 1.2 billion people globally and supports 27 currencies allowing cross-border payments for Chinese customers travelling overseas or for customers in other countries using Chinese e-commerce sites.

“We are delighted to welcome Alipay to our growing portfolio of partners. Together we seek to empower the financial aspirations of billions of consumers with enhanced access and convenience for their cross-border payments needs,” said Promoth Manghat, group chief executive of Finablr in a statement.

Finablr, whose brands include Travelex and UAE Exchange, was listed on the London Stock Exchange in May after completing an initial public offering that valued the company at $1.6 billion (5.87bn). It has a global footprint spanning more than 170 countries and managed $114.5bn in annual volumes for its clients last year. The company's biggest markets are India, Pakistan, Bangladesh and the Philippines.

The UAE payments and foreign exchange holding company, posted a 9 per cent increase in adjusted income for the first nine months as volumes grew in double digits.

The first phase has involved integrating Finablr's platform with Ant Financial's remittance system, and the partners are exploring ways of extending remittances into Ant Financial’s wider ecosystem, including Alipay’s global e-wallet partners.

“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,” said Clara Shi, Alipay’s head of the global remittances business.

“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.”

Finablr and Alipay will also explore other areas of collaboration in technology innovation, including digital gifting and driving efficiencies through the Ant Blockchain Information System.

Updated: November 27, 2019 05:00 PM

SHARE

SHARE