Alipay, the digital payment arm of Chinese e-commerce giant Alibaba today partnered with Ripple partner Finablr for global remittances, according to an official announcement.
Finablr, Alipay Working On Overseas Remittance Solution
Alipay is operated by Alibaba’s AntFinancial and boasts a customer base of over 1.2 billion. Finablr is a forex and payments company that uses RippleNet for its global remittances across more than 170 countries.
The first phase of this partnership is already complete; it entailed the integration of the Finablr platform with the remittance system used by AntFinancial. Next, this integration will be extended to Alipay’ e-wallet partners. This means that an Alipay e-wallet customer will be able to seamlessly send funds to another user in any part of the world, who is a Finablr customer.
Besides leveraging each other’s capabilities to bolster fast and efficient global payments, the two companies will also explore other opportunities like driving efficiencies and digital gifting via the Ant Blockchain Information system.
Speaking about this partnership, the CEO of Finablr Promoth Manghat stated:
“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 needs.”
Finablr Sees 20% Revenue Boost After Ripple Partnership
A number of companies that utilize Ripple’s technology have made impressive progress this year. Finablr is one of them. After incorporating On-Demand Liquidity (ODL) solution to its platform, the company reported revenue to the tune of $183 million. Simply put, Finablr’s earnings this year have grown by as much as 22 percent compared to the previous year.
Last month, Finablr announced a strategic partnership with Samsung. The collaboration involved an in-app feature on Samsung devices that facilitates international payments.
Will XRP Be Utilized In This Partnership?
Finablr utilizes Ripple’s On-Demand liquidity services that are powered by XRP to facilitate near-instant payments. And as aforementioned, this collaboration will leverage Finablr’s technology and global reach. Therefore, XRP will, in part, be involved in this Alipay-Finablr partnership.
Interestingly enough, last month, Alipay announced that it had banned all transactions involving bitcoin on the platform – which bodes well with China’s renewed anti-crypto stance.