Ripple has been successful in creating a decentralized mesh of networks connecting the financial institutions. Now with a vision of expanding the same mesh to the eastern institutions Ripple has expanded and is setting up its new headquarters in Singapore.
Ripple wants to stay vigilant of its customers’ requirements
According to the latest news published in some Asian tabloids, Ripple, the US firm which has been able to provide some fantastic solutions to financial institutions using blockchain and ledger technologies, has decided to expand its headquarters in Singapore so it can keep a tap on the nerves of its regional customers.
With this move Ripple has provided an insight that South East Asia happens to be a great market and the company wouldn’t want to miss any opportunity in this part of the world which is slowly and steadily accepting blockchain and cryptocurrencies.
“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” said Eric van Miltenburg, senior vice-president of global operations Ripple who was quoted by various media houses. “Southeast Asia, in particular, is an incredibly important market for the company, given interest from regional banks in using blockchain for payments” added Miltenburg.
In Singapore, Ripple has plans to create a team of about 24 people who would manage a range of operations which would be beyond only customer service
Ripple has been making attempts to capture the South East Asian Market. Last year Mitsubishi Corporation, MUFG Bank, Krungsri, a Thailand-based subsidiary of MUFG Bank, and Standard Chartered Bank jointly announced the commencement of a pilot test for moving real funds over RippleNet, with the objective of making cross-border payments more convenient and further improving the capital efficiency of corporate groups. It also entered into a strategic collaboration to enable instant cross border payments across its various markets with CIMB Group
Earlier this year, Ripple also funded SendFriend, a Philippine-focused remittance market startup. The startup had raised around US$1.7 million capital which was to allow SendFriend to build out their team, focus on community engagement, and marketing efforts.
With this leap, Ripple looks a strong contender to establish itself in Asia. With this continued effort, Ripple will soon capture the leading institutions in the South East Asian market and connect them to the globe.
Will Ripple find the same success in South East Asia that it found in the western world? Do let us know your views on the same
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.