May 16, 2020

Ripple reveals global fintech expansion strategy

Amber Donovan-Stevens
3 min
Blockchain solutions leader Ripple has started its global strategy of expanding into Asia. FinTech Magazine takes a closer look.

Ripple, a global leade...

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. 

South Korea 

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. 


“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.

For more information on all topics for FinTech, please take a look at the latest edition of FinTech magazine.

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Jun 21, 2021

Amber Group Valued at US$1bn in $100m Funding Round

2 min
Amber Group has raised $100m in a fresh funding round led by China Renaissance bank, valuing the start-up at $1bn

Amber Group, a cryptocurrency financial services firm, has raised US$100m in a Series B funding round at a pre-money valuation of $1bn.

The funding round was led by Chinese investment firm China Renaissance, and other participants in the Series B include Tiger Brokers, Tiger Global Management, Arena Holdings, Tru Arrow Partners, Sky9 Capital, DCM Ventures and Gobi Partners. Existing investors Pantera Capital, Coinbase Ventures and also joined in.

Michael Wu, co-founder and CEO of Amber Group said in a statement that the funding would be used to “expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies.”

“We’ve had record months over the past quarter across both client flow and on-exchange market-making volumes,” Wu said in a press release. “Our cumulative trading volumes have doubled from $250 billion since the beginning of the year to over $500 billion.”

Cryptocurrencies are becoming increasingly popular, with many people investing, although not everyone seems to know what they are investing in. Using survey data collected from 750 investors earlier this year, Cardify found that only 16.9% of investors who have bought crypto “fully understand” the value and potential of cryptocurrency, while 33.5% of buyers have either zero knowledge about the space or would call their level of understanding “emerging.”


Who is Amber Group?

Amber Group is a global crypto finance service provider with a presence in Hong Kong, Taipei, Seoul, and Vancouver. Founded in 2017, Amber Group services over 500 institutional clients and has cumulatively traded over $330 billion across 100+ electronic exchanges, with over $1 billion in assets under management. The company said that its assets under management, or AUM, reached $530 million in 2020, representing a 275% increase from the previous year. 

Instead of being a cryptocurrency exchange that allows users to trade individual digital coins, Amber Group CEO Michael Wu said the company is bringing a “private banking experience to the everyday customer.”

Their goal is to optimise investment flexibility, maximise investment returns and deliver long-lasting value for their clients. In 2019, Amber Group raised $28 million in Series A funding led by global crypto heavyweights Paradigm and Pantera Capital, with participation from Polychain Capital, Dragonfly Capital,, Fenbushi Capital, and Coinbase Ventures.

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