Ripple reveals global fintech expansion strategy
Blockchain solutions leader Ripple has started its global strategy of expanding into Asia. FinTech Magazine takes a closer look.
Ripple, a global leader in enterprise blockchain solutions for cross-border payments, is continuing its global expansion strategy. In the last month alone it has made two notable strategic moves to achieve this. We take a closer look.
As a part of its strategic expansion, Ripple has partnered with Azimo to deliver faster and cheaper payments in the Philippines. The key way in which this will be done is via Ripple’s On-Demand Liquidity solution (ODL), which will be processed through Azimo’s platform.
“We’ve been interested for a long time in the potential of digital assets like XRP to make cross-border payments better for customers,” said Richard Ambrose, CEO of Azimo. "Ripple’s ODL solution has significantly reduced the cost and delivery time for cross-border transfers, and our customers are seeing the benefits. As more banks and financial institutions use ODL, we believe it has the potential to replace current methods of foreign exchange trading and to reduce settlement time to close to zero.”
“It’s of the utmost importance to partner with companies who share the same vision and passion for changing the way that money moves around the world today,” said Marcus Treacher, SVP of Customer Success at Ripple. “Azimo is challenging the status quo by leveraging RippleNet with ODL to provide fast, low-cost, reliable and easy payments for its customers worldwide.”
Azimo’s money transfer platform has over a million customers who are able to send money to over 200 countries worldwide.
Ripple has made considerable tracks in South Korea through the addition of Sentbe, Hanpass and WireBarley to RippleNet. Sentbe is a leading remittance company targeted at South and Northeast Asia, including Philippines, Indonesia, Vietnam, Japan and China. The partnership will allow banks and payment provides to send payments worldwide, while also enabling Sentbe to settle remittances in seconds.
“Remittance outflows from South Korea have been steadily increasing over the past years to neighboring countries, especially into Southeast Asia. RippleNet, which enables remittance within seconds to customers who previously experienced difficulty with unintegrated networks or distrust with existing remittance processes, will now be given a whole new world of experience. We will also be able to capture more remittance inflows into Korea, thanks to RippleNet’s growing network,” says Seongouk Choi, CEO of Sentbe.
Ripple’s 2020 predictions for the financial services industry
“Asia-Pacific has always been a key region for Ripple as we continue to bring on new financial institutions and partners onto RippleNet. Almost half of our customers are based in APAC and momentum continues to build in this region,” say Eric van Miltenberg, SVP of Global Operations and Business Development at Ripple. “In November, we announced that Ripple has over 300 customers on RippleNet across all markets and has experienced 10x year-over-year growth in transactions.”
These are but just two of the many expansion plans that Ripple plans to carry out over 2020. Check out Ripple's website for more information.
Did you know? At the start of this year, Marcus Treacher, SVP of Customer Success at Ripple, shared with FinTech his predictions for the finance industry this year.
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