Alipay Establishes Cross-Border Remittance Partnership with Finablr

A foreigner is paying via Alipay in China (Source: Shaw Wan/Pandaily)

On November 27, 2019, Alipay, the payment and lifestyle platform operated by Ant Financial, and Finablr, a global platform for payments and foreign exchange solutions, announced a global partnership to provide cross-border remittance services.

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. 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.

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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.

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 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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“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.”