Ripple’s payment solutions are targeted at overcoming the issues that have been plaguing the traditional payment system that has been used by banks and financial institutions for decades – SWIFT.
Ripple’s solutions for cross-border payments are making sure that transactions are faster, safer and also that the fees are lower.
There’s a need for new cross-border payment solutions
Now, Ripple is highlighting the need for new cross-border payment solutions in Southeast Asia.
The San Francisco-based company has just released a new video from Ripple Regionals 2019 where the CIMB Bank senior managing director Thomas Tan Kok Kiong talked about the state of international payments in the region.
According to Kiong, a partnership between CIMB and Western Union didn’t work out because “the economics were very much tilted in their favor. We did 80% of the work but only got 20% of the reward.”
Ripple expands its presence in Asia
We recently reported that Ripple has been working really hard these days to push the adoption of its products.
Now, the San Francisco-based company seems to be expanding its presence in Asia because it decided to double the staff members in the Singapore headquarters.
Senior vice-president of global operations Eric van Miltenburg reported that Ripple has been working hard to catch up with demand in the fintech-friendly region of Southeast Asia.
“[It’s an] incredibly important market for the company, given interest from regional banks in using blockchain for payments,” he said.
He continued and explained that “the demand here is significant, so it’s an easy decision for us to continue to invest in this market and make sure that we can… also seek out new customers, new partners and new ways that we can work with the market.”