When Ripple (XRP) launched an office in Mumbai India, appointing Navin Gupta, who has over two decades of experience at HSBC and Citibank across the U.S, Hong Kong, Japan, Taiwan and India, as the Regional manager, it could be said that the move was to smoothen the relationship between Ripple and its partners, Axis Bank and YES Banks.
However, CEO Brad Garlinghouse sees beyond today, he has discovered that “India is transforming itself into a digital economy and is an innovative leader in payments”. He was of the opinion that creating an office in Mumbai will respond to the rapidly-growing demand for frictionless payments by Ripple’s customers Axis Bank and YES Bank, some other banks and non-banks across the country.
Shortly afterward, different banks and fintech started partnering Ripple in the country, using it uses cases such as RippleNet, xCurrent and even xRapid as a means of cross border payment settlement.
Among them is Kotak Mahindra Bank, a leading bank in India with more than 1300 branches in the country, which will be using RippleNet, a decentralized network of payment providers and banks that connect to each other through Ripple’s technology.
Earlier, IndusInd was among the banks that announced they would join the RippleNet community for seamless cross-border remittance. There is more hope in India for Ripple than any other blockchain technology, may be due to Gupta’s assertion that “Ripple’s instant, cost-effective blockchain-powered payments can be a transformative component of India’s economy, helping bring the many who have limited access to payment services into the fold. We are committed to building our presence in this market with significant investment, and I look forward to expanding our local team with this vision.”
Ripple In The Financial Industry In Other Countries
Getting recognition from banks and other financial institutions around the world isn’t a new thing for the cross border specialized remitting Cryptocurrency, Ripple. While many have viewed international transactions as a herculean and costly task, Ripple, tagged blockchain solution to global payments, redefined the situation by making it a piece of cake that cost almost nothing.
In Europe, Ripple has got collaboration with institutions like Santander bank that resulted in the launch of OnePayFX app for immediate remittance in Europe, Standard Chartered Bank, UniCredit and Banco Bilbao Vizcaya Argentaria (BBVA), among others. While in continents like America, Asia, and Australia, Ripple has gained alliance with financial institutions like MoneyGram, MUFG, and Westpac bank respectively.
As the Cryptocurrency continues its search for more connections in various countries to maintain a solid anchor around the world, Ripple CEO, Brad Garlinghouse mentioned that in the next five years, the financial technology would have partnered with more than half of world top banks. With the outreach of Ripple, it is becoming clear that it will live up to what it flaunts.