On November 27, 2019, Alipay, Alibaba’s fintech branch, and Finablr, a global platform for payments announced a global partnership to provide cross-border remittance services.
According to media, Alipay users will benefit from seamless access to remittances through Finablr’s omni-channel network, spanning physical and digital touchpoints across 170 countries, through its trusted global brands including Xpress Money, Travelex, Unimoni and UAE Exchange. On the other way, due to this agreement, Finablr becomes one of the first cross-border remittance partners for Alipay.
Today Alipay serves more than 1.2 billion people globally together with its local e-wallet partners. Clara Shi, Alipay’s head of the global remittances business said how the company is “excited to partner with Finablr, as we continue to explore new ways to apply our technology in order to benefit more people around the world.” Using blockchain technology developed by Alipay, Ant Financial gave a terrific impetus to 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 first phase of the partnership has been completed with the integration of Ant Financial’s remittance system into Finablr’s platform, facilitating seamless remittances through Finablr’s global network. “We are happy to welcome Alipay to our growing portfolio of partners. Together we are ready to empower the financial aspirations of billions of consumers with enhanced access and convenience for their cross-border payments needs. We will continue to build on our complementary capabilities and look forward to collaborating with Alipay on additional opportunities,” said Promoth Manghat, CEO of Finablr.
The partnership leverages Finablr’s omni-channel capabilities and global network reach and Alipay’s scale and technological capabilities to make financial services more inclusive and affordable, especially for underserved individuals worldwide.
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