Ripple Garners Praise From Banks In India And Middle East For Its Cross Border Payments Network
Ripple is one of the most successful platforms in the blockchain based global remittance segment. The payments focused DLT network has partnered with several financial and non-financial institutions across the globe. It continues to be a preferred choice for companies looking to explore blockchain for payment solutions.
In a recently concluded event towards the Middle East and North Africa (MENA) region, the Ripple’s Managing Director of the Region and South Asia, Navin Gupta discussed the newly developed Ripple-powered remittance corridor between India and Saudi Arabia. Gupta revealed how Saudi Arabian British Bank (SABB) and IndusInd, have been successfully working with it to develop sophisticated payment solutions for the Indo-Arab corridor.
Hear leaders from @SABBBank and @MyIndusIndBank reflect on the new RippleNet payments corridor from Saudi Arabia into India. https://t.co/YBHtmM0uyp pic.twitter.com/nCdlj1Wqq6
— Ripple (@Ripple) May 20, 2019
In a blog post on its official website, Ripple stated that India was the biggest market in terms of global remittance. In 2018 alone, about $73 billion was sent to India in global remittance, which makes it an extremely important market for Ripple.
Speaking at the event, SABB Head of Global Liquidity and Cash Management, Ghada Al Jarbou said that SABB and Ripple are a natural fit. He said that despite the huge size of the bank, it hasn’t been able to penetrate global remittance, and Ripple would help it do just that.
On the hand, IndusInd’s Head of Transaction Banking Sales, Amit Talwar said that because of the humongous size of the Indian remittance market, many foreign banks are looking for local partnerships. Ripple is helping IndusInd find right partners through its global network, Talwar added.