Mumbai: Fable Fintech has partnered with The Muthoot Group, a non-banking financial services leader dealing in Gold Loans, Foreign Exchange, and Money Transfer. Fable’s technology platform would power Muthoot Group’s US-India corridor of cross-border payments venture – a newly launched outward remittance platform, as well as a key part of the Group’s vision of One Muthoot Platform.
The Fable Growth Suite (Retail) Outward is a white-labelled, plug-n-play remittance platform used in 150+ corridors across 12 countries. It allows banks and other remittance providers like MSBs to launch and grow their payments business with complete control over every aspect. Remittance providers can set remittance fees and FX margins and define limits on transaction volumes and velocity, among various other aspects.
“We are excited to partner with Muthoot Group in enabling them to offer holistic cross-border solutions to their customers using our platform. We believe that the future of financial services lies in collaboration. At Fable, owing to a plug-and-play approach, we have been able to offer customized solutions to our clients seamlessly – thereby reducing the implementation time while ensuring sustained up-gradation, and helping navigate the ever-evolving landscape of global remittances and cross-border transactions,” says Naushad Contractor, CEO of Fable Fintech.
The worldwide cross-border transfer volumes in 2022 are set to surpass the $156 trillion mark. Among players looking to grow, consolidate, and scale operations to take advantage of this surge, the need for a robust technology-based solution is felt deeply. Fable’s technology platforms empower banks and MSBs to go to market rapidly and achieve digital transformation with confidence. As a global banking infrastructure company with platforms for cross-border, corporate, trade, and FX transactions, Fable helps its clients make the most of their growth and scalability opportunities.
Since its inception in 2015, Fable has already executed projects for 40+ banks and money transfer operators across 12 countries. It has successfully processed transactions worth $11 billion in the process. In the recent months, Fable has formed strategic partnerships with XeOPAR, a one-touch cross-border payments and remittances startup for all, as well as Batelco – Bahrain’s premier telecommunications company, to power personalized, transparent and real-time remittances on its digital financial SuperApp – BeyonMoney.
