Ripple Potentially Becomes A Fast And Efficient Money Transfer Service Provider In ASEAN

Ripple can be used in ASEAN for money transfers. (Pixabay)

JAKARTA – Ripple is said to be a money transfer provider in the ASEAN region. This is based on the results of research conducted by ASEAN Global Connection and Cambridge University.

Both noted that the remittance industry is seeing a shift to digital with startups developing new cross-border payments and settlements. The report then cites Ripple as the most prominent in cross-border payments, along with Nium, which is also a partner of Ripple.

On the other hand, countries in Asia Pacific are starting to use digital banking systems to offer fast payments. Their exploration and discovery of alternative payment channels to better facilitate cross-border and domestic fast payments contributes to the region's growing prominence and leadership in the payments sector.

Singapore, which is one of the five most competitive financial centers in the world, has established clear and effective government laws and support for innovative payment technologies, resulting in rapid payments growth of 58 percent by 2021.

The Philippines is also financially competitive, where virtual currency transactions increased by 71 percent between 2020 and 2021. This increase is thanks to new solutions such as crypto-assisted remittances and digital payment options, as reported by U.Today.