London & Hangzhou, 27 November 2019: Finablr, a global platform for payments and foreign exchange solutions, and Alipay, the world’s leading payment and lifestyle platform operated by Ant Financial, today announced a global partnership for cross-border remittance to bring more convenient and inclusive services to consumers around the world.
Alipay users will benefit from seamless access for remittances through Finablr’s omnichannel network, spanning physical and digital touchpoints across 170 countries, through its trusted global brands Xpress Money, Travelex, Unimoni and UAE Exchange. With this, Finablr becomes one of the first cross-border remittance partners for Alipay, which serves more than 1.2 billion people globally together 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.
Promoth Manghat, Group CEO of Finablr, said, “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. We will continue to build on our complementary capabilities and look forward to collaborating with Alipay on additional opportunities.”
The partnership leverages Finablr’s technology, omnichannel capabilities and global network reach and Alipay’s dedication to harnessing the power of digital and mobile technology to make financial services more inclusive and affordable, especially for underserved and underbanked individuals worldwide.
“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.