Ripple (XRP) To Discuss Remittance At GMTS Conference In UAE
Ripple’s Managing Director for South Asia & Middle East and North Africa (MENA), Navin Gupta will to be discussing at the Global Money Transfer Summit (GMTS) in Dubai, UAE, later this month.
The conference which features 10 speakers from who is who in the Remittance Industry, also gathers money transfer business leaders to examine the areas that are having the biggest impact on transfers.
A statement by the organizers revealed that the conference “will bring together a global network of innovators, disruptors and established participants in the remittance industry.
The gathering is an avenue for stakeholders “that are driving the world of the X-border payment industry and the financial services revolution in The Middle East, Central & South Asia and North Africa” to meet and discuss the way forward, the statement revealed.
Alongside Navin Gupta, are discussants like Jonathan Fishman of the US Treasury, Nik Mohamed Din Nik Musa, Director of the Money Services Business Regulation Department in Bank Negara Malaysia.
The conference also features Sebastian Plubins, managing director Europe, Middle East, Africa & South Asia, Ria Money Transfer, Nelson Irizarry, Chief Operating Officer at Paykii, Fred de Rooij of De Nederlandsche Bank, Annie Kumar, Managing Director and Co-founder of Nafex, among other speakers.
While Ripple is going to be discussing with who is who in the remittance industry to gain more ground, the cryptocoin is doing everything to have presence in the Middle East and Asia, especially China, leveraging on Ripple company tools like xRapid, xVia, and xCurrent.
Ripple and China: Any Possibility?
Ripple has in the past seen opportunities in China despite claim that the country enforces stiff regulations on cryptocurrency. Yi Lu, co-founder of SV Insight, a media company that organized a Blockchain Connect conference held in San Francisco, in late January 2018, where Brad Garlinghouse, the CEO of Ripple spoke, said Garlinghouse is trying to promote his company in Asia, “But Ripple doesn’t have much business in China, they probably can’t promote to the Chinese market.”
Despite the comment, the CEO of Ripple has said coasting China is ‘imminent’ and not an impossibility again. If it is possible, approaching China can come from Alibaba.
It appearing impossible that Ripple may not get a ground in China. A statement by the firm’s head of government and regulatory relations for Asia Pacific, Sagar Sarbh, made known that the company discussing with financial service providers, regulators, banks to understand Chinese regulatory terms on crypto before Ripple team flood the market.
“This year you will see more announcements coming in on China, in terms of educating and differentiating us from some of the other cryptocurrencies that are out there. As we speak, our team is strategizing about entering the market, but it’s still very early days.”
“In our discussions with China’s regulatory bodies so far, this is something that hasn’t come up. We’re essentially a software company, licensing software to banks and enterprises who want to move money cross-border. If a Chinese bank wants to use our solution and the regulator sees no risk with the solution, I don’t see why the government, even in a so-called hostile environment, would have any issue with that. But this is early days in what you call the trade war and hostile environment.”
A statement aired by Global Trade Review confirmed the disclosure from the People’s Bank of China (PBOC) that any financial firm coming into China must have a local presence and necessary payment infrastructure to satisfy customers, at the same time manage its clients information in the country.
“Overseas institutions intending to provide electronic payment services for domestic transactions and cross-border transactions of the main entities within the territory of the People’s Republic of China should have corresponding qualifications and access conditions.”
Ripple, Saudi Arabia and UAE partnership.
Saudi Arabia’s central bank has revealed it reached an agreement with Ripple to reduce the country’s cost of cross border transaction using Ripple blockchain tools.
Saudi Arabian Monetary Authority (SAMA) and Ripple confirmed the development, stating that the move will give local banks the advantage to make use of xCurrent.
Dilip Rao, global head of infrastructure innovation at Ripple, says “Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers,”
In the same vein, UAE Exchange, which is among the region’s biggest exchange partnered with Ripple to reduce the cost and increase the speed of the firm’s cross border transaction.
Promoth Manghat, chief executive of UAE Exchange Group, said in a statement, “The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions.”