Ripple and XRP have been performing adequately to maintain the community’s spirit, even though it couldn’t emulate the run made by Bitcoin earlier this month. Ripple has been spreading its wings across the globe with its innovative software and other technologies. In a recent Ripple Regionals event held in Bangkok, various officials from Asain banks explained how Ripple’s tech helped them solve the problem of cross-border payments.
Paul Arriyvat, Vice President, Disruptive Technology Office, Siam Commercial Bank [SCB], noted that migrant workers across Southeast Asia sent a cumulative amount of $68 billion to their home countries every year. The Vice President brought attention to not only the necessity of workers to send money, but also the requirement of it to be fast and efficient. However, current remittance services are failing to meet the demands of these workers effectively, he said, adding that “this region is full of pain”, but “also full of opportunities”.
The VP talked about “mixing and matching” multiple solutions to meet the needs of the workers with reduced fees. They partnered with Ripple, invested in it, and partnered with the company to solve this “pain point”. Blockchain service providers can help them in processing remittances in real-time, while being accessible anytime, unlike banks. This would be a benefit for low-income users as it would be an affordable service. Arriyvat said:
“Blockchain technology became our core [platform] for solving this pain point.”
“We started with Thai migrant workers living in Japan and helped them send money home through 30,000 ATMs.”
In the same event, a member of Ripple’s Board of Directors, Thomas Tan Kok Kiong, Senior Managing Director, Group Treasury Sales and FX, CIMB Bank, said that Ripple had solutions for many of the industry’s grave concerns.
He also talked about how the remittance issue impacted the “small people” and focused on how Ripple’s tech could help them reach their goal. He said:
“We are increasingly moving towards white collar and digital spheres. That is why it is important for us to work with Ripple. We hope that your technology will help us get closer to small guys and solve the problems plaguing the remittance industry.”
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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.