Finablr Partners with Samsung Pay for Cross-Border Payment System

UK-based payments platform Finablr and Samsung Pay, the mobile payments service of South Korean tech giant Samsung, have joined hands to pool resources to build a cross-border payment system named “Money Transfer” for its users.

The partnership was announced on October 3rd by Finablr, explaining that the newly added feature will offer seamless and secure cross-border payments to 47 countries by using a variety of payment methods available on the app. Furthermore, United States-based Samsung Pay’s clients reportedly can use their debit or credit cards to send money via the Samsung Pay app.

Currently, there are over 25 million people using Finablr’s services across the globe, and the company has established a presence in 170 countries across the world.

According to the announcement, all the fees and exchange rates are included upfront, allowing users to know in advance what they will be paying. The system’s security also employs tokenized credentials backed by Samsung Knox.

Sang Ahn, the vice president and head of content and services division at Samsung Electronics America, further added that partnership with Finablr is part of a larger plan to expand the reach of Samsung Pay.

“Money Transfer is a first step in our vision to evolve Samsung Pay into a platform that makes users’ financial lives more convenient. The range of services in Samsung Pay, developed in close collaboration with industry leaders such as Finablr, positions us to positively impact consumers’ everyday financial experiences.”

Whilst the Money Transfer feature is now rolled out to the United States userbase, the new service will be expanded to more markets next year, according to the press release.

Meanwhile, last year in December Finablr joined Ripple’s network of banks and payment providers. In addition to that, Finablr’s UAE Exchange is using Ripple’s cross-border payments technology to power remittances to Asia. Some RippleNet members are already using XRP for the base currency for cross-border payments.

The new partnership between Samsung Electronics America and Finablr could potentially benefit XRP, especially if the payment system they’re working on integrates XRP. However, neither Samsung nor Finablr have disclosed whether they are considering the use of blockchain technology or the digital asset XRP.

Samsung is an early supporter of blockchain and crypto assets. The company’s Blockchain Keystore app is available on the company’s new line of Galaxy S10 smartphones, allowing people to store their private keys for Bitcoin, Ethereum and Ethereum-based tokens.

Samsung Makes Sizable Investment In Hardware Wallet Manufacturer Ledger

Most recently, South Korean technology behemoth Samsung has invested 2.6 million Euro ($2.9 million) into hardware wallet manufacturer – Ledger.

French business magazine Capital reported the news on April 24th, stating that a spokesperson for Ledger had confirmed the investment. However, the representative provided no further details beyond the amount invested into the startup.

The news follows the recent appointment of Pascal Gauthier – the company’s former president – as the new CEO. The previous CEO, Eric Larchevêque, will serve now as Executive Chairman of the Ledger’s Board.

Larchevêque has confirmed the news as well, tweeting out that “we will always need hardware wallets, but to accompany a revolution crypto based on a personal sovereignty accessible to all, the smartphone will actually play a central role.”

At present, the startup is in partnership with several other financial institutions with the goal to establish and offer a number of custody alternatives. For instance, their custody venture with Nomura – a Japanese bank – is expected to launch by 2020. Similarly, Ledger is also working on custody services for Ethereum-based tokens with Hong Kong legacy Trust.

Meanwhile, Samsung has recently broken into the crypto and blockchain industry. Recently, the company announced that a new line of flagship smartphones – the Galaxy S10 series – will come out including new functional features such as a crypto wallet.

In addition to that, Ledger has had previous funding rounds, including a $7 million Series A fund raise in 2017 and a $75 million Series B in 2018. Many speculate this could be part of a larger funding round from Samsung, however it currently remains unclear.

An anonymous source has tipped local news off that Samsung may be working on the development of a public-private blockchain platform as well as its own Ethereum-based token, dubbed the Samsung Coin. The person claimed “we expect Samsung Coin to come out in the market, but the direction has not yet been decided.

However earlier this week, Samsung has announced the delay of the official launch of its $2,000 folding phone dubbed Galaxy Fold after a series of breakage issues had been reported. Many tech reviews reported the inside screens flickering, freezing, and ultimately dying on their test phones within the first few days. The reviews revealed as well that substances found inside the device affected the display performance.

Samsung’s Latest Smartphone Includes Features for Cryptocurrency Private Key Storage

Samsung’s latest phone Galaxy 10, officially revealed on Wednesday, will include a dedicated secure storage function designed for cryptocurrency private keys. Samsung has confirmed as well that the new mobile device has integrated Samsung Knox into the Galaxy S10.

This is a feature that uses hardware security in order to store private keys for blockchain applications which presumably include cryptocurrencies. Developers will be able to use this feature in order to create hardware wallets. Essentially, all users who own an S10 will also have a hardware wallet.

The Galaxy 10 comes with an upgraded camera system that features “advanced intelligence,” the ability to charge other phones wirelessly, 8GB RAM and 256GB storage (on the base model) as well as a number of other features.

According to the official announcement:

 “Galaxy S10 is built with defense-grade Samsung Knox, as well as a secure storage backed by hardware, which houses your private keys for blockchain-enabled mobile services.”

Additional details regarding the Knox solution have yet to be disclosed, as Samsung did not immediately respond to a request for comment. There is also no confirmation yet on whether Samsung will introduce a native crypto wallet or enable third-party developers to build applications for crypto storage.

Nevertheless, the S10 joins an expanding line of smartphones designed with blockchain technology in mind, including HTC’s EXODUS 1 and Sirin Labs’ Finney, both of which were announced last year. However, Samsung is the largest phone producer to reveal a blockchain feature in a phone to date, and unlike either of its competitors, may see the widest distribution.

The Galaxy is Samsung’s flagship line, with four different devices falling under the S10 umbrella intended to fill as wide a market as possible. In contrast, the HTC EXODUS 1 can only be bought using Bitcoin or Ether, and the Finney can only be purchased using the Sirin token.

For crypto enthusiasts, Samsung’s decision to integrate support for private keys is a major sign that the company sees cryptocurrency as the future.

Its new product line promises groundbreaking innovations for consumers who want the fastest available speeds, ultimate mobility and a fully digitized data experience for money, movies, music, images and messages.