Ripple is a digital asset company that facilitates instant payment between parties particularly banks. Ripple organized a big event called Swell by Ripple in Singapore. Keynote speech was by the CEO himself Brad Garlinghouse. Ripple owns money transfer company, Moneygram also.
Supposedly Ripple aims to dethrone SWIFT system that all banks use for international payment by making payments instantaneous instead of waiting for days.
Supposedly Ripple aims to dethrone SWIFT system that all banks use for international payment by making payments instantaneous instead of waiting for days.
The registration counter was quite funky and stylist. All the big banks (eg DBS) and payments companies (eg Tranglo, MoneyMatch) were also around.
Cory Johnson, the chief marketing officer of Ripple, formerly a CNBC anchor was the announcer for the event.
Brad Garlinghouse, Ripple CEO was explaining about how the final pillar to enable true globalization connectivity was money. The data part enabled via the Internet has been achieved while the goods part via global shipping has also been achieved but cross border (cross countries) are still slow and expensive. Ripple's vision is to part of the missing piece to lower cross border transaction costs and increase transaction speed.
The hotel rooms sponsored by Ripple were stunning also.
At the moment, the digital tokens (I won't use currency) behind Ripple, called XRP is at year lows.
In the local front in Malaysia, CIMB banks seems to be doing trials with Ripple to do instant cross borders payment.
Links :
Brad Garlinghouse's Speech
https://www.youtube.com/watch?v=r8g_hZmjHp8&t=231s