Ripple Is Targeting China’s Cross-Border Payments Market, Says Execbr>
Distributed ledger firm Ripple is planning to promote its blockchain payments platform in China.
Jeremy Light, Ripple’s vice president of European Union strategic accounts, told CNBC that the company is looking to enter the Chinese market to speed up cross-border payments with its distributed ledger technology (DLT). He said that “China is definitely a country and region of interest.”
In February of this year, Ripple signed an agreement with Hong Kong-based financial services provider LianLian International to enable faster transactions between China, Europe, and the US, via its xCurrent settlement solution. However, it is not clear whether Ripple’s technology is being deployed by LianLian yet.
Ripple’s xCurrent instantly settles cross-border payments with end-to-end tracking and bidirectional messaging. The technology enable financial firms to message each other in real-time to confirm payment details prior to initiating the transaction. It also includes a rulebook, developed in partnership with the RippleNet Committee, that ensures operational consistency and legal clarity for every transaction.
Ripple currently has more than 100 financial institutions signed up to its network, including Santander, UniCredit, UBS and Standard Chartered. Earlier this week, American Express confirmed that the company was officially using xCurrent to facilitate cross-border payments between the US and UK.
LianLian is the only Chinese client of Ripple, which means the company would have a long way to go before making waves in China. In addition, Chinese authorities have clamped down on crypto trading and banned initial coin offerings. This makes adoption of XRP very unlikely in the country.