SBI Remit and Ripple: Revolutionizing International Payments with XRP

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Ripple’s partial victory has made one thing clear Ripple is not over yet. Since July the company has been making bold decisions to outpace others in the league. They have partnered with Mastercard, expanded their global business and the recent dominance in banking is another milestone.

Ripple’s president, Monica Long, is not shy in making bold announcements and her remarks hold a weight in the industry. In a recent Paris Blockchain Week, she emphasized that even the most powerful banking institutions must adopt decentralized finance (DeFi) to stay up to date with the latest technology. 

She has made a similar comment in the past regarding crypto rules in the UK, Europe, Singapore, and Dubai which have well-defined rules for cryptocurrencies. Ripple’s business, especially in payments, has flourished in these areas. Ripple’s rejection in the US market is also seen as a threat to traditional banks and Bitcoin’s dominance in general. 

Adapt or Die, Long’s Advice for Banks To Overcome Banking Crisis

Long’s comment came at a time when, SBI Remit, a part of the big Japanese company SBI Holdings, made a significant move by expanding into Asian markets like the Philippines, Vietnam, and Indonesia. They’re teaming up with Ripple through a venture called SBI Ripple Asia.

This shows they believe in the power of digital money, especially XRP, to change how banks work. By using XRP, they can make international payments quicker, safer, and cheaper for their customers. Long is confident that such a move can strengthen our financial system and will transform how we see the traditional banking system. 

Monica Long’s statement wasn’t just about cryptocurrencies. She was talking about the whole decentralized finance industry for big institutions. This connects with a significant event from late 2022 when central banks in France, Switzerland, and Singapore, with support from the BIS, said they would try out DeFi in Forex markets to make sending money across borders easier.

Can these new ways of handling money make international transactions faster and simpler for everyone?

But, while DeFi opens doors for traditional financial institutions, it also brings new obstacles and more competition. The future is definitely uncertain, but Monica Long’s words still ring true as a warning that adapting and coming up with new ideas are the keys to survival in the fast-paced world of finance.