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The managing director of Ripple (XRP) in South Asia and MENA, Navin Gupta, has stated that there has been noteworthy shift of interest from high street banking to networking whereby transactions hold new experience.
Gupta said this has significantly helped companies like Ripple who bring new solutions into the finance industry. Ripple has so far been able to attract over 200 financial institution customers to itself amongst which the likes of Euro EximBank and Ali Bank in Kuwait who joined lately exist.
Gupta noted that even though Ripple (XRP) is present in all large remittance corridors across the world, it is far incomparable to the number of banks SWIFT gpi currently possess. SWIFT gpi has been able to make outstanding achievements since its launch in 2017, garnering supports from 300+ financial institutions amongst which 60 of the world’s leading banks exist.
Nevertheless, Ripple is making gradual conquest in the industry and the wave of the blockchain technology is being felt in the industry as Financial institutions are embracing it progressively. While the Middle East serves as Ripple’s fastest growing market region with alliance from 9+ large banks in UAE, Kuwait, Oman, Saudi Arabia and Bahrain, top commercial banks in Korea, Japan, India and ASEAN have also signed with the blockchain firm.
The like of Al Ahli Bank of Kuwait and BFC Bahrain including international players like France’s Credit Agricole, Banco Santander, American Express, and Japan’s SBI Holdings, amongst others have also joined Ripple to deploy its blockchain technology.
Ripple has also been able to address a key demand from banks – interoperability and scalability with the introduction of InterLedger Protocol (ILP).
“It is 100% interoperable with all other platforms. Last year we showed a live example in Berlin where we had seven different blockchains and we were able to take transactions across seven different ecosystems such as trade, logistics and energy,” Gupta said.
With xRapid and xCurrent, which make use of XRP digital assets for transactions, Ripple (XRP) is providing an unmatched solution in the remittance industry.
The managing director added that Ripple is addressing the issue of decline in correspondent banking network witnessed by local banks in Asia/ME by expanding its hub model to South Asia. The blockchain firm began the address by partnering Siam Commercial Bank in Thailand as its regional clearing partner.
However, Gupta stressed that while Ripple (XRP) is undergoing great successes in scaling its network across the world particularly in Asia Pacific and the Middle East, proving to a large number of banks that its solution has an edge over SWIFT gpi remains a necessity.