- Transforming the remittance experience for the millions of users
- Ripple leading in the cross-border payments space
In its latest insight, Ripple talks about how the Association of South Eastern Asian Nations (ASEAN) continues are one of the world's most exciting testing grounds for blockchain, digital assets, and cross border payments.
Through its partnership with Japan Bank Consortium, Mitsubishi Corporation and Standard Chartered, Siam Commercial Bank, CIMB Group, and SBI Remit among others, Ripple has become a part of this pioneering work.
The region, it points out has one of the globe’s most expensive remittance networks and in response, both incumbents and fintechs have shown a willingness to innovate. These innovations are further supported by regulators that have established a solid framework for the use of blockchain and digital assets.
Real Life Stories Motivate Teams At Ripple
Giving it a touch of real life, Ripple shares the examples of two people who are living in Japan, sending money home to their family while suffering because of outdated financial services. These issues involve the high foreign exchange rate between the Japanese yen and the Thai Baht, multiple trips to a bank to complete a single payment transfer, higher cost, and slow-moving transfers.
“These are the people whose life stories motivate our teams at Ripple,”
that in concert with local financial services providers are working on transforming the remittance experience for the millions of users that live and work abroad.
“Ripple’s blockchain technology has already been a big part of improving the Thailand-Japan remittance corridor.”
The company says with the help of Ripple, the payment flows between Siam Commercial Bank and SBI Remit have become more transparent, affordable and faster that means more money in the pockets of the family.
Ripple is further
“excited to see the service expand to include more banks in the future.”
In the coming year, it “resolves” to work closely with its partners and RippleNet customers to deliver even more meaningful innovation and faster-paced change for their customers in the ASEAN region and beyond.
Ripple Leading In The Cross-border Payments Space
Elsewhere, Maran Delatinne, the global head of banking at Ripple recently shared that they have signed 14 new partnerships in the past few weeks while talking about the
“decoupling of the concept of crypto assets and what the underlying technology can bring.”
She says, this blockchain not digital asset notion depends on how you define blockchain, further adding,
“If you’re really talking about cross-border payments, Ripple is leading in the space because of the approach that we have taken. We haven’t limited ourselves to the crypto use case, and that has helped banks and financial institutions embrace the technology.”