The firm, which operates a blockchain-powered real-time gross settlement system, currency exchange and remittance network, said it is committed to investing in Singapore and the region.
Ripple is seeing a positive response from its clients in the region, which includes banks, payment providers and money service businesses, and is committed to growing its RippleNet payment network in Asia.
«We're in growth mode. We consider Singapore a strategic part of the world for us,» said Ripple's Eric van Miltenburg, in an interview with finews.asia on the sidelines of its Swell 2019 conference in Singapore earlier this month.
The senior vice president of global operations noted the need for more efficient cross-border payments in Southeast Asia is «especially high.»
Digital Banking Opportunity
Van Miltenburg said the advent and growth of digital banking in the region is an opportunity for Ripple to grow as many fintechs providing digital banking services have not «addressed what's under the covers.»
«The acquisition of users is fantastic, but they're still hampered by the fact that the underlying 'plumbing' or infrastructure involved with digital payments still relies on a relatively antiquated system that was built in a pre-internet era,» he said.
Singapore Office Expands
The firm expanded it's Singapore office in April, two years after starting opening in the city, doubling its headcount to 24 and growing its range of operations beyond basic customer servicing.
«The quality of the candidates and the talent pool here is very high,» he said. «I see Singapore emerging as a global fintech hub…It's really a great focal point for a lot of innovation.»
NUS Fintech Lab
To grow and equip the talent pool even further, the firm is partnering the National University of Singapore to launch an academic lab which brings together industry players, government agencies, regulatory bodies and educational institutions to develop and apply emerging technologies in the field.
«It's going to be a real-world, hands-on learning environment, where students can work together with industry – both Ripple and beyond. We think that's going to be critical if we're going to realize the full potential of blockchain,» Van Miltenburg said about the endeavor.
