XRP (XRP) is recovering once again from previous dives last week. Yesterday, XRP (XRP) saw an increase of over 9 percent and exceeded 50 cents. On Wednesday, the value of XRP tested a new weekly minimum at 44 cents.
However, the digital currency closed the week with 51 cents. The increase in the value of the digital currency helped to replace Ethereum (ETH) as the second digital currency. The gap between both digital currencies was small. However, the gap has expanded to over $ 2 billion.
XRP (XRP) managed to stay on top of the game due to the developments and partnerships that surround it. From xRapid's interoperability to a new partnership with the largest bank in Asia, the increase in the value of XRP follows a week of continuous news on XRP and Ripple.
Ripple Inc. has decided to reinvent the banking system in Asia
While other cryptographic projects are more focused on attracting retail customers to use their digital currencies, Ripple is doing something extraordinary. Ripple Inc. promotes banking transformation through strategic partnerships with financial institutions around the world.
Ripple's technology has far-reaching impact and many banks are starting to feel this impact. Siam Commercial Bank of Thailand (SCB) is a bank that has made the impact of this technology on the development of its business.
SCB was looking for a company to improve the international payments system in the ASEAN region. According to Colin Dinn, the bank subsequently took over Ripple Inc., a company that shares the same vision with the bank. Colin Dinn is the head of operations and CTO of SCB.
The shortage of banking business in Asia
The banking sector in the countries of Southeast Asia has many flaws and inefficiencies. Some of the issues related to banking activities, including, include high transaction fees for cross-border agreements and remittance services. It also takes much longer to process transactions due to the lack of reliable correspondent banks.
To remain competitive and relevant, banks must change their old ways of doing business and embrace technological innovations. They must look for customer-focused solutions and strategies to meet and exceed expectations.
Price XRP (XRP) today – XRP / USD
SCB was looking for a way to improve its transactions, to make its remittance much faster, cheaper and easier for its customers. In the search for that much-needed solution, the bank entered into a partnership with Ripple. According to the CTO of SCB, the partnership between Ripple and SCB emerged from a transformation process started two years ago. The partnership is aimed at exploring new business models and transforming the bank into a new generation technology-based bank.
SCB recently launched a RippleNet-based retail product for the Thailand-Japan remittance corridor. RippleNet is a platform that connects financial institutions and banks around the world for simple and easy international payments. At the moment, more than 200 companies have joined the network, and the number is increasing as Ripple ensures more partnerships.