According to an AMB Crypto report, interest within the Chinese payments market has sparked, as big names start to make waves. So far, said big names include American Express, LianLian Group, both of whom are entering the market as an alliance, and of course, we have Ripple.
As per the claims made, the move by the duo has been approved and permits them to manage payments in Chinese Yuan (CNY) by establishing a network of their own. The duo has since named their joint venture, “Express [Hangzou] Technology Services Co.,” with the necessary governmental processes being completed.
How does American Express and LianLian Group’s alliance include Ripple in the picture? Turns out both firms have also partnered with Ripple and are now part of the RippleNet ecosystem. Dr. T, a ripple influencer on twitter pointed out he connection after a CNN article was posted.
"The company said Friday that the Chinese central bank has given it preliminary approval to handle payments in yuan. AmEx (AXP) can now start setting up the payments network through a joint venture with LianLian Group, its Chinese partner." https://t.co/6Xj2maNpq8
— Dr. T ⚡️ (@XRPTrump) November 10, 2018
Interestingly, proof of Ripple’s interest in the Chinese Market has been caught by AMB Crypto, who has since shared a snippet of a “Head of China Opeations” hiring post. It's important to know that this job listing was created a little over a year ago and has since been removed from Glassdoor.
In particular, the description posted by Ripple read:
“Ripple is sharpening its focus on the dynamic cross-border payments rails in and out of China! We are looking for our first set of feet on the ground in China to launch and operationalize our team there […] This role directly reports to the CEO of SBI Ripple Asia, a joint venture between Ripple and SBI Holdings.”
One might wonder why China, given their distaste for cryptocurrencies. While this is true, the country seems to support the technology behind the digital assets, which is namely what Ripple is all about as well, especially when it comes to their xCurrent and xVia products.
Another facet of Ripple’s that many find attractive, is that of the “Multi-hop”, which has been described by Ripple’s Director of Product, Craig DeWitt, as giving “Ripple members the ability to transact with banks or payment providers or digital wallets that they don’t have a direct relationship with,” adding that it eliminates the need for “bilateral relationships.”
To learn more about Ripples’ products and why a country like China, who is strict on cryptocurrencies, might choose them, go to: https://ripple.com/