Ripple has always considered the remittance market as one of the most critical sectors of the financial world, and that fact was confirmed by Navin Gupta, the Managing Director of Ripple.
Speaking at a conference in the GCC [Gulf Cooperation Council], Gupta claimed that Ripple is trying to do what other companies are not: providing customers with access to all information about their funds and transfer. The Ripple official also spoke about dissimilarities between Facebook’s Libra and XRP’s parent company.
Navin Gupta stated:
“It all comes down to use cases. We at Ripple believe that use cases are important and at the moment that is what the customers want too. The use case is important for hundreds of institutions and eventually it will be the customers who choose their platform depending on the functionalities.”
Ripple has partnered with various institutional banks such as Ria Bank, MoneyGram, and NBK, a step to integrate the company’s decentralized technology with mainstream financial bodies. The Ripple MD was also of the opinion that banks dominated the majority of the cross border transactions market and that Ripple was just trying to change the ‘plumbing.’ Gupta elucidated:
“Ripple is just trying to change the old outdated plumbing in the financial space. We want to replace the post internet era plumbing with a new and improved system that will be highly beneficial to users.”
He was also confident that the GCC was the perfect spot for a remittance boom as it as the largest combined market for it. He claimed that the regulations were similar to that in the United States and that the opportunity was there to be tapped. Gupta specifically mentioned companies like Finablr, a Ripple partner, as an example of a cross border transactions stalwart. He concluded:
“I wouldn’t be surprised, in the next five years, 2 or 3 global brands like Finablr (using Ripple) originate out of GCC (Gulf Cooperation Council) in the remittance space.”
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