Ripple has opened a new office in Singapore, to support their growing customer base across Asia-Pacific markets, including Standard Chartered, which is an early adopter of blockchain technology to power payments .
Furthermore, this move consolidates Singapore’s position as an innovation hub, whereby it was rated by the World Economic Forum as the world’s most open and trade-friendly economy.
Singapore’s trade which stands at 2.7 times its GDP, and is worth about $550 billion annually, alongside its aspirations to become the leading fintech center, are expected to trigger the demand for more efficient payments. As a result, the demand for Ripple’s enterprise blockchain payment solutions has increased and its scope includes local banks, payment providers and corporates across the region.
Dilip Rao, managing director for Ripple APAC, stated: “Singapore is leading the charge when it comes to streamlining money exchange, remittance and payments systems. In fact, one of the key themes raised during the Prime Minister’s recent National Day Rally was the importance of digitizing payments in the country’s aim to become a Smart Nation. Our new office can support this ambition and equally brings us closer to our customer base across the Asia-Pacific region, enabling banks, payment providers and corporates to make instant payments into-and-out of the country using blockchain. As a leading trade and fintech hub, Singapore offers Ripple leverage in the region as we expand our global footprint.”