Ripple, the global real-time settlement network utilizing its native blockchain asset XRP has announced they have opened up a new office in Singapore. The small Asian nation has publicly stated ambitions to be the world’s leading fintech and innovation hub.
Singapore is also one of the biggest and busiest global trade centers with many large, multinational companies basing their regional treasury offices in the country. The office is important for these reasons and also to support Ripple’s growing customer base across Asia-Pacific markets.
The World Economic Forum rates Singapore as the world’s most open and trade-friendly economy, with competitive institutions, policies, infrastructure and services to encourage the free flow of products and services. Singapore’s trade stands at 2.7 times its GDP; it is on track to become the biggest commodity trading hub worldwide; and it is the leading trading hub for Asian currencies in the banking industry.
Dilip Rao, managing director for Ripple APAC, said:
“Singapore is leading the charge when it comes to streamlining money exchange, remittance and payments systems. In fact, one of the key themes raised during the Prime Minister’s recent National Day Rally was the importance of digitizing payments in the country’s aim to become a Smart Nation.”
“Our new office can support this ambition and equally brings us closer to our customer base across the Asia-Pacific region, enabling banks, payment providers and corporates to make instant payments into-and-out of the country using blockchain. As a leading trade and fintech hub, Singapore offers Ripple leverage in the region as we expand our global footprint.”
Last month Ripple announced the opening of an office in India, the company now has locations in San Francisco, New York, London, Sydney, Luxembourg, and now Singapore. A couple of weeks ago, also within the Asia-Pacific region, SBI Ripple Asia announced partnership with Korean fintech firm DAYLI Financial Group to bring XRP to Korea.