Ripple South Asia Director: Banks Interest In XRP And Ripple Saw Rapid Improvements In 2018
Ripple’s Director In South Asia Says There Are ‘High Street Banks’ Interest In Using Ripple
The Managing Director for South Asia and the MENA region, Navin Gupta, talked about how Ripple is currently expanding in these regions. During a conversation with The Asian Banker a few days ago, he said that there are ‘high street banks’ ready to join the network in the near future.
Ripple is a company that is offering solutions to banks and financial institutions to move funds across borders in a fast and easy way. At the moment, systems such as SWIFT are slow and costly for firms, and Ripple wants to improve the industry by using blockchain technology and the XRP digital asset.
Earlier this year, the company informed that they were already working with more than 200 financial institutions. 50 percent of these firms were from Asia and there are two or three more companies joining the network per week.
Gupta has also mentioned that 2019 would be a much more favorable year compared to 2018. There are also some countries in the region that are starting to implement regulations related to blockchain technology and virtual currencies. This can be good for Ripple. The company is trying to receive support from regulatory agencies around the world to operate with the XRP digital asset.
In the United States, the Securities and Exchange Commission (SEC) has not yet given a decision regarding XRP and whether it is considered security or not.
Gupta said there are some major commercial banks from Korea, Japan, and India working with the company. According to him, this shows that there are very rapid improvements in the Middle East regarding cross border payments with Ripple.
The National Bank of Abu Dhabi was the first bank working with Ripple and its RippleNet joining the network in February 2018. Other companies in the region followed the trend and joined the RippleNet as well.
About the increasing interest from companies in the region, Gupta commented:
“There is a very significant amount of movement from high street banks to join the network and we believe at different points in their lifecycle they will make this decision.”
Using the xRapid product, companies are able to source liquidity on-demand. Instead of using nostro and vostro accounts funded with fiat currencies, firms can purchase XRP, make a fast transaction, sell the XRP at the destination for local fiat currencies.
One of the companies that is thinking about working with the xRapid product is Binance, the largest digital asset exchange in the world in terms of daily trading volume. In a recent live stream, Changpeng Zhao, the CEO of the exchange, mentioned that they would certainly like to implement the xRapid solution in the future.