Reportedly Ripple is a dominant player with its partner Nium to provide remittance services across the states of Southeast Asia.
Ripple is a San Francisco-based Fintech firm, which is popularly known to provide payment solutions for small and big businesses with the use of its blockchain technology network XRP Ledger. However, Ripple is currently under legal hurdles because of a lawsuit action against the company filed by US Securities and Exchange Commission (SEC) in December 2020.
Recently ASEAN Global Connections and the University of Cambridge researched on remittance providers. The report entitled “Financial Technology and
Inclusion in ASEAN” noted that Ripple and its partner Nium are providing remittance facilities dominantly in Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam states of Southeast Aisan Nations.
Asian Countries and the Pacific saw huge surge in digital payment services, which are providing quick payment services for domestic as well as cross-border payment services, thanks to the increasing better payment network companies in such countries.
Interestingly Singapore, popularly a highly competitive financial center, introduced a clear regulatory framework for this sector for traditional and modern payment companies. Proper legislation by Singapore’s MAS resulted in a 51% growth in quick payment services in only 2021. The same figure surged by around 71% from 2020-to 21 in the Philippines.
These things are showing that the crypto & blockchain industry are playing a vital role to boost better payment systems in almost every type of country, developed and developing. But surely better clarity on the rules and regulations is a big need in the present time because many countries’ governments are confused about their rulings on the crypto industry.