There is never a boring day in the world of fintech and blockchain. Ripple, one of the biggest DLT service providers in the world, is expanding its presence in Singapore. Considering how the country wants to become the world’s leading fintech hub, that is an interesting development. Ripple would do well to gain a foothold in that part of the world, to say the least. Opening a local office is one way to do so.
Ripple has been quite the busy company over the past few years. Not only is there Consensus Ledger gaining more traction, but the company is opening offices in different countries as well. Although these are all important steps, it remains to be seen how things will play out. Singapore has plenty of ambition when it comes to being the world’s largest fintech hub. Their focus on innovation should not be overlooked either by any means.
Singapore is a key Area for Ripple
Moreover, Ripple’s customer base in Asia-Pacific markets is growing at an accelerated pace. It makes sense to further establish a local presence in the regions that matter. Singapore is certainly on the list. The World Economic Forum also rates Singapore and the most trade-friendly economy. Their mix of competitive institutions, policies, and services are all of great value. At the current pace, Singapore will become the biggest commodity trading hub worldwide very soon.
Ripple APAC managing director Dilip Rao comments as follows:
“Singapore is leading the charge when it comes to streamlining money exchange, remittance and payments systems. In fact, one of the key themes raised during the Prime Minister’s recent National Day Rally was the importance of digitizing payments in the country’s aim to become a Smart Nation. Our new office can support this ambition and equally brings us closer to our customer base across the Asia-Pacific region, enabling banks, payment providers and corporates to make instant payments into-and-out of the country using blockchain.”
It will be interesting to see how this new office plays out for Ripple. The company has a solid reputation in the Asia-Pacific region already. It never hurts to keep improving one’s standing in this regard, though. Fintech and blockchain are of great interest to the country, which makes it a perfect region for Ripple and similar companies. There is a growing demand for enterprise blockchain payments solutions as we speak.
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