Ripple is one of the blockchain and DLT powerhouses in the financial world. Although it is not a traditional cryptocurrency project, the company provides useful technology to banks and other payment processors. Over the years, Ripple has begun making inroads in numerous parts of the world. A new agreement brings RippleNet to Saudi Arabia. Further progress is also being made in Japan.
Changing the financial sector from within will require the use of new and innovative technologies. Ripple’s RippleNet is such a solution. It can speed up remittance transfers and open new payment corridors alike. Saudi Arabia’s National Commercial Bank is currently in the process of exploring options in the remittance sector. Its main focus areas include the US and Asia.
Ripple Continues to Make Inroads
To hook into RippleNet, the bank signed an agreement with Ripple. It is the first agreement of this kind since the deal with SAMA in February of 2018. At that time, a sandbox environment for KSA banks to test Ripple’s products and services was established. It appears those tests have convinced the NCB to effectively commercialize this technology in the months to come.
The Middle East is considered to be a major remittance industry. Especially Saudi Arabia is gaining a lot of market share in this regard. A connection to RippleNet can introduce new payment corridors and improve existing markets alike. That is, assuming this technology can withstand the vast volumes of funds being sent to and from the country in the coming years.
In Japan, on the other hand, new options pertaining to Ripple are being explored as well. SBI is working on a mobile app for both iOS and Android. It will sue Ripple’s technology for domestic transfers and payments. This new tool will come to three banks later this year prior to becoming more commonly available in the next few months. SBI Ripple Asia’s consortium consists of 61 Japanese banks in total.