Ripple Expands Reach in Asia with New Singapore Officebr>
San Francisco-based FinTech payments firm Ripple has expanded its Asian presence with a new office in Singapore. The new office comes a few weeks after the company opened its India office.
Ripple described Singapore as one of the biggest and busiest global trade centers and pointed to the country’s ambition to become a leading FinTech and innovation hub. Ripple noted that Singapore’s trade stood at 2.7 times its GDP and that the country was on track to become the largest commodity trading hub in the world.
The company said the office was established to support its growing customer base across Asia-Pacific markets – including Standard Chartered, a Ripple investor, member of the RippleNet Advisory Board, and early adopter of blockchain technology to power payments. Ripple also reports that it is already seeing huge demand for its enterprise blockchain payments solutions from local banks, as well as payment providers and corporations across the region.
“Singapore is leading the charge when it comes to streamlining money exchange, remittance and payments systems,” said Ripple APAC managing director Dilip Rao. “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.”
Rao added that the Singapore office can support this ambition and equally brings Ripple closer to its 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,” he said.