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 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 to partner with China-based Alipay to boost remittances


Fareed Rahman
  • English
  • Arabic

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.

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

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The specs: Macan Turbo

Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October

UAE currency: the story behind the money in your pockets
While you're here
if you go

The flights

Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return. 

The trek

Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required. 

Company info

Company name: Entrupy 

Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist

Based: New York, New York

Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.  

Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius. 

Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place. 

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills