http://www.ThinkingCrypto.com Ripple technology is currently being tested by Japanese and South Korean banks, now the Singapore banks could join this testing which would allow them to speed up transactions from days to hours, and cut the transaction costs dramatically.
“Ripple, which sees South-east Asia as a priority market with pressing remittance demands, is among the firms that have held early talks with the Monetary Authority of Singapore (MAS) for its technology to be part of the MAS’s blockchain experiment in cross-border payments, said CEO of Ripple, Brad Garlinghouse, in an interview with The Business Times.
“Cross-border is where we think we can uniquely help,” said Mr Garlinghouse, referring to talks with MAS, while noting that no deal has been firmed up. Singapore’s regulator said last year during the Singapore Fintech Festival that it would experiment on cross-border payments using blockchain technology.”
“But Ripple is also trying to sell its cryptocurrency XRP as a means of settlement when a bank wants to move money into a country but does not have a local-currency account held in a local bank there. As Mr. Garlinghouse explained, Ripple aims to have XRP used for such cross-border payments, so that a bank can sell, for example, the greenback, into XRP in seconds, and convert XRP into another currency, say Sing-dollars, quickly. Banks hold capital and collateral against settlement risks, so a reduction in settlement time would translate to huge savings in the trillions, said Mr Garlinghouse.”
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