Ripple continues to build its global payment networks that it now says includes more than 200 banks and payment providers worldwide. Ripple cites its network advantages as lower fees, faster transaction times and significant reductions in operational overheads in the 55 countries it now operates in. Photo: ripple.com

Ripple has further enhanced its rapidly-growing blockchain-based remittance platform, in Asia and globally.

This week, the San-Fransisco firm announced it was extending its Asia-Middle East network via two Emirates-based remittance businesses, UAE Exchange and Unimoni, that would link with the Siam Commercial Bank in Thailand (SCB) using Ripple’s blockchain-led platform.

“We are excited to see this collaboration go live, allowing customers in any part of the world to send live payments to Thailand,” said Navin Gupta, Managing Director, South Asia and MENA, at Ripple.

The new platform was also announced by Finablr, the global payment and foreign exchange platform that owns UAE Exchange and Unimoni, and also lists Travelex, Xpress Money, Remit2India, Ditto and Swych in its portfolio of remittance-related blockchain companies. Finablr says its network handled more than 150 million financial transactions in 2017.

“The adoption of blockchain opens up the considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience,” said Promoth Manghat, Executive Director and CEO at Finablr and Group CEO at UAE Exchange and Unimoni.

“We are proud to be the first bank in Asia to use Ripple’s leading blockchain network solution to power real-time payments for our customers, whose families often times depend on the availability of these funds for basic needs – time is of the essence to them,” Arak Sutivong, chief strategy officer at SCB said upon the launch of a Japan-Thailand payment service in June 2017.

With the crypto market rebounding in early February, Ripple lost its second-place market cap position to Ethereum, which at the time of writing had a market capitalization of $12.595 billion, as opposed to Ripple’s $12.41 billion. This, however, does not in any way seem to indicate that the global roll-out of the Ripple network is slowing as, since the Thai network news, the US-based tech firm has made two further major platform announcements.

The  SendFriend blockchain remittance service, that will convert USD via Ripple’s XRP token to Philippine pesos “in a matter of seconds”– instead of the three to five days that traditional remittance services can take – this week announced it had raised another $1.7 million in start-up capital and this, it says, will allow it to launch  the platform on schedule and within the first quarter of this year.

The funding comes from an investor consortium that, as well as Ripple, includes MIT Media Lab, Barclays and the Mastercard Foundation. The platform will use Ripple’s blockchain to send funds from overseas workers back to the Philippines, one of Asia’s largest remittance markets. Last year, according to the World Bank, the country’s diaspora sent $34 billion to families back home.

Also this week, money transfer giant Western Union, that has to-date seemed reluctant to adopt blockchain, has now admitted it is evaluating the technology and is also sending test transactions using Ripple. “We’ve been testing different products with Western Union for a while,” Ripple confirmed to Bloomberg this week.

While the crypto market has dropped significantly over the last year, RippleNet has continued to build a global payment network that it now says includes more than 200 banks and payment providers worldwide.

Ripple, that cites its network advantages as lower fees, faster transaction times and significant reductions in operational overheads in the 55 countries it operates in, looks set to continue as the world’s leading example of how blockchain will experience mass adoption across finance.

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now. 

Join the Conversation

23 Comments

  1. Hmm it looks like your site ate my first comment (it was extremely long) so
    I guess I’ll just sum it up what I had written and say, I’m thoroughly enjoying your blog.
    I as well am an aspiring blog blogger but I’m still new to
    everything. Do you have any tips and hints for first-time blog writers?
    I’d genuinely appreciate it.

  2. I must thank you for the efforts you have put in writing
    this blog. I really hope to view the same high-grade blog posts
    from you in the future as well. In truth, your creative writing abilities has inspired me
    to get my own, personal site now 😉

  3. We absolutely love your blog and find most of your post’s
    to be just what I’m looking for. can you offer guest writers to write
    content for yourself? I wouldn’t mind producing a post or elaborating on a lot
    of the subjects you write regarding here. Again,
    awesome site!

  4. Greate article. Keep posting such kind of info on your page.
    Im really impressed by your site.
    Hey there, You have performed a great job. I’ll certainly
    digg it and in my opinion suggest to my friends. I am confident they’ll be benefited from
    this site.

  5. Hello there! This article couldn’t be written any better!
    Reading through this post reminds me of my previous roommate!
    He constantly kept preaching about this. I am going to forward this information to him.
    Pretty sure he will have a very good read. Many thanks for
    sharing!

  6. I’ve been exploring for a little bit for any high-quality articles or blog posts on this kind of space
    . Exploring in Yahoo I finally stumbled upon this site.
    Studying this information So i’m satisfied to convey
    that I’ve an incredibly just right uncanny feeling I came upon just
    what I needed. I most indubitably will make certain to don?t overlook this website
    and provides it a look on a continuing basis.

  7. Usually I don’t learn post on blogs, but I would like
    to say that this write-up very compelled me to try and do it!
    Your writing taste has been surprised me. Thanks, quite nice article.

  8. Amazing blog! Do you have any helpful hints for aspiring writers?
    I’m hoping to start my own website soon but I’m a little lost on everything.
    Would you recommend starting with a free platform like WordPress or go for a paid option? There are so many choices out there that I’m totally confused ..
    Any recommendations? Thanks a lot!

Leave a comment

Your email address will not be published. Required fields are marked *