The blockchain company behind cryptocurrency XRP is hoping to work with Singapore authorities to develop the use of blockchain technology here, The Business Times (BT) reported on Wednesday (Jan 10).
Ripple CEO Brad Garlinghouse reportedly told BT that the company has attended talks with the Monetary Authority of Singapore (MAS) for its technology to be part of the central bank’s blockchain experiment in cross-border payments
Mr Garlinghouse added that Ripple sees Southeast Asia as a priority market with pressing remittance demands.
“Cross-border is where we think we can uniquely help,” Mr Garlinghouse was quoted as saying.
MAS had announced during the 2017 Singapore Fintech Festival that it would start experimenting on cross-border payments using blockchain technology.
At the moment, no deals have been confirmed.
Ripple’s technology is used by banks to improve the speed of cross-border payments.
While Swift became the dominant payment network service used by global banks in 2017, Ripple’s technology is gaining traction, BT reported.
At the same time, Ripple is also trying to get banks to use XRP as a means of settlement for cross-border payments.
A group of Japanese and South Korean banks are currently experimenting with Ripple’s technology for fund remittance.
Read the full article on The Business Times.