Report cites Ripple as the most notable in cross-border payments
A recent report, “Financial Technology and Inclusion in ASEAN”, cites Ripple as a notable remittance provider. Research undertaken by ASEAN Global Connections and the University of Cambridge notes that the remittance industry has seen a digital shift with start-ups developing new cross-border payments and settlements. The report then cites Ripple as the most notable in cross-border payments, with Nium, also a Ripple partner.
ASEAN refers to the Association of Southeast Asian Nations, an international organization that brings together 10 Southeast Asian states—Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam—into one body.
Countries in Asia and the Pacific have risen globally in terms of offering fast payments using digital banking systems. Their exploration and invention of alternative means of payment to better facilitate fast cross-border and domestic payments contribute to the region’s growing importance and leadership in the payments industry.
APAC has risen to dominate the digital banking business in recent years, accounting for 20% of the world’s approximately 250 digital banks.
Singapore, which is one of the five most competitive financial centers in the world, has put in place clear and effective government legislation, as well as support for innovative payment technologies, which has led to a 58% growth in payments fast in 2021.
The Philippines, too, is financially competitive, where virtual currency transactions increased by 71% between 2020 and 2021, owing to new solutions such as crypto-assisted remittances and digital payment options.
Updates in the Ripple-SEC case
In new updates to the Ripple-SEC case, the long-awaited individual defendant responses have been filed, setting the deadline for the SEC’s position on the additional discovery as April 15, 2022, and the deadline for the proposed joint programming order to April. 22, 2022.
The court is expected to rule on the SEC’s Motion for Partial Reconsideration, the Defendants’ Motion to Strike the Supplemental Expert Report, the Defendants’ Motion to Compel Turnover of the Estabrook Notes and the SEC’s proposed redactions in the mean time.
