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Ripple Seen as Leading Remittance Provider in Association of Southeast Asian Nations Report: Details

Sun, 04/10/2022 - 15:50
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Tomiwabold Olajide
Report cites Ripple as the most notable in cross-border payments
Ripple Seen as Leading Remittance Provider in Association of Southeast Asian Nations Report: Details
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A recent report, "Financial Technology and Inclusion in ASEAN," cites Ripple as a notable remittance provider. The research undertaken by ASEAN Global Connections and the University of Cambridge notes that the remittance industry saw a shift to digital with start-ups developing new cross-border payments and settlements. The report then cites Ripple as the most notable in cross-border payments, along with Nium, also a Ripple partner.

ASEAN refers to the Association of Southeast Asian Nations, an international organization that brings together 10 Southeast Asian states—Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam—into one body.

Countries in Asia and the Pacific have risen globally in terms of offering quick payments using digital banking systems. Their exploration and invention of alternative payment rails to better facilitate both cross-border and domestic quick payments contributes to the region's growing prominence and leadership in the payments sector.

APAC has risen to dominate the digital banking business in recent years, accounting for 20% of the world's approximately 250 digital banks.

Singapore, which is one of the world's top five most competitive financial centers, has established clear and effective government legislation, as well as support for innovative payment technology, resulting in a 58% growth in quick payments in 2021.

The Philippines, too, is financially competitive, where virtual currency transactions increased by 71% between 2020 and 2021, owing to new solutions such as crypto-assisted remittances and digital payment options.

Updates in the Ripple-SEC case

In fresh updates to the Ripple-SEC case, the much-awaited Individual Defendants' Answers have been filed, thus fixing the deadline for the SEC's position on additional discovery to April 15, 2022, and the deadline for the Joint Proposed Scheduling Order to April 22, 2022.

The court is expected to rule on the SEC's Motion for Partial Reconsideration, the Defendants' Motion to Strike the Supplemental Expert Report, the Defendants' Motion to Compel Turnover of the Estabrook Notes and the SEC's proposed redactions in the mean time.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.