According to a recent report by the Bank of America (BofA), Ripple is one of the few companies that is having a significant impact on the international payments systems through blockchain technology, especially in the Asia Pacific (APAC) region.
BofA analysts consider Ripple as an exceptional example of blockchain’s potential for cross-border payments.
“Another technology that is having an effect on real-time activity in APAC, albeit to a lesser degree than APIs (application programming interface), is blockchain. It’s used as an underlying security measure in certain transactions, but it’s not having the level of success that its preceding hype had suggested, notes Venkat.”
The notes continued and said this:
“It has played an important role in helping to digitize trade documentation, as the technical basis of the smart contract, but in cross-border payments, the work of Ripple is a possible exception, its impact has been limited, he comments. The reason for this is the rapid emergence of SWIFT GPI (global payments innovation) as the favored solution for tracking and tracing cross-border payments.”
According to the banking giant, APAC is leading the way in financial technology and may soon abandon physical cash as a payment method.
“By presenting every digital option, from consumer payments via QR codes on mobile devices, to real-time corporate treasury and wholesale settlements, to central bank digital currencies (CBDCs) and crypto, APAC is heralding new opportunities for all stakeholders to finally abandon hard cash.”
Ripple Labs’ CEO praises Singapore’s approach to crypto assets as the company secures approval to operate in the nation.
According to a press release, Ripple has received an in-principle payments license from the Monetary Authority of Singapore (MAS), which permits the firm to provide digital asset services in the country.
Brad Garlinghouse, the CEO of Ripple, commends Singapore’s innovative and practical regulatory framework for crypto assets.
“As a major global financial center, Singapore led the way in taking a pragmatic, innovation-first approach to crypto – we’re incredibly proud Ripple is one of a handful of firms to receive in-principle approval for a MAS MPI (Major Payments Institution) license for digital payment token services!”
