Ripple announces five new partners
Two banks and three remittance providers in Brazil, India, Singapore and Canada have signed up.
Ripple announced five new partners today, with an emphasis on emerging economies. The newly added partners joining the 100+ member RippleNet include:
- Itaú Unibanco (Bank, Brazil)
- IndusInd (Bank, India)
- InstaReM (Remittance provider, Singapore)
- Beetech (Remittance provider, Brazil)
- Zip Remit (Remittance provider, Canada)
In addition to this, both Beetech and Zip Remit aim to eventually form a working relationship with Ripple partner LianLian International, to help open up direct financial connections between Brazil and Canada, and China.
With that finalised, this partnership might manifest as exceptionally quick and competitively priced Beetech and Zip Remit payments to China.
And for InstaReM, which processes over half a million transactions per year, is largely focused on emerging markets throughout Southeast Asia.
"The payments problem is a global problem, but its negative impact disproportionally affects emerging markets," said Patrick Griffin, Ripple head of business development. "Whether it’s a teacher in the U.S. sending money home to his family in Brazil or a small business owner in India trying to move money to open up a second store in another country, it's imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them."
What is Ripple and how does it work?
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Picture: Shutterstock
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, NANO, SALT, BTC
