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Ripple expands in Asia and Middle East in how much it collaborates with more banks to conquer the lion's share in the market. In India, Southeast Asia, Middle East and North Africa, Navin Gupta unveils the strategy that the company is taking in the Middle East and Asia market in an exclusive interview with TechCircle. He also talked about Ripple's superior quality, and why it will replace SWIFT.
How the ripple is expanding in Asia and the Middle East
Mr. Gupta in the interview explained the reason for the establishment of a branch of Ripple in India recently. this, said that the partnership with the first three banks in India would give them the share of 80% of the market and the estimated one billion people will get them in India in the next five years and they will go bankrupt through their phones. To obtain a substantial share of the market, the company is collaborating with banks and telecommunications companies.
Ripple XRP Ledger is a real-time gross settlement system (RTGS) and a remittance network. Allows secure, instant, and almost free global financial transactions of any size without charges.
The unique feature of XRP makes it competitive with the global interbank financial telecommunications company, better known as the SWIFT, a 60-year-old banking system. As XRP aims to have a $ 70 billion share of the SWIFT-dominated remittance market, Gupta talked about the quality of Ripple.
As SWIFT has a 6% failure rate, he said that this is best managed with Ripple with its newly created message-based expressway through which money can travel, both cryptocurrency and legal tender. The message-based expressway is like a message application, in the form of WhatsApp, where money can be sent as a message, adding the address of the recipient. The cross-border payment solution known as xRapid, which uses XRP as liquidity for cross-border transactions, is used to build the app.
Gupta also states that Ripple has expanded to the Middle East by working with banks, as it seeks to have a share of oil money. Ripple technology said it is replacing SWIFT in the region.
As Ripple expands into India, it aims to capture a $ 70 billion market share of corporate remittances and retail, which is the largest on the global level. To obtain a share of more than 50% of it, Ripple collaborates with four major banks: Axis Bank, Yes Bank, IndusInd Bank and Kotak Mahindra Bank. Also other banks are in the partnership phase.
Ripple's merger with Wells Fargo, a major financial institution in America and its recent expansion in Asia and the Middle East, the crypto-enterprise is taking the significant part of financial transaction with its superior technology
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