In a space that is intrinsically understood as free from government involvement and / or oversight, the importance of regulation can not be underestimated. It is even more imperative when money is involved and as a company whose main objective is to transfer funds from one place to another efficiently, economically and reliably, Ripple executives will not stop emphasizing the need to adapt to regulation.
As was the norm, the Singapore Fintech Festival – an event organized by the Singapore Monetary Authority in association with banking partners is rapidly turning into a platform where market influencers reveal their internal mechanisms and plans. Speaking of the global regulatory status and the level of adoption of the blockchain with Ross Leckow, Brad Garlinghouse said that there is a direct relationship between the supporting regulations and the depth of the adoption of the blockchain.
In countries where laws prohibit the implementation of blockchain solutions, adoptions remain low but the narrative is changing in the ASEAN region. The Association of Southeast Asian Nations (ASEAN) is made up of countries like Thailand and the Philippines, and their pro-blockchain approach has seen the region widely accept Ripple's solutions representing more than 50% of their global customers. With the Ripple headquarters in Singapore, their expansion and drive saw their customer base increase by 200 percent to date.
Through Siam Commercial Bank and other players in Japan as the SBI Group, member banks will see transactions resolved faster, cheaper and more efficiently, improving user experience, which in turn does much to increase levels of adoption.
"SCB now serves as a next-generation hub, a regional compensation partner on the network, to improve connectivity and coverage in these underserved areas, and the bank is also able to make payments in the region faster with lower costs and greater transparency. "
In addition to improving practicality, Ripple's solutions eliminate the need for pre-financing or Nostro accounts, estimated at around $ 10 trillion, further helping SMEs and businesses to unlock funds and use them in other activity-generating activities.