The latest reports revealed that Ripple Labs continues to make progress in its global expansion efforts. Recently, Ripple users created remittance tools for Indian expatriates in foreign countries. In addition, Ripple has made significant progress in Singapore.
According to the report, Ripple Lab enthusiasts reportedly created a payment settlement tool for Indian citizens who are in exile. Furthermore, the tool allows Indian expats to streamline and pay their household utility bills back to India while living in Bahrain. Users can access the tool via mobile apps and websites, according to reports.
In addition, the cross-border inward payment tool was reportedly built and launched on the official mainnet of Ripple by two Ripple associates, Lulu Exchange, and Federal Bank, in collaboration with the NPCI Bharat BillPay.
Before the new developments, expats in Bahrain usually depended on conventional payment systems to send money to their country. However, the three organizations reportedly launched the remittance tool to enable non-residents living in Bahrain to pay for their expenses and bills in India, leveraging the digital remittance tools.
The Federal Bank executive director, Shalini Warrier, expressed gratitude for the services and benefits the new tool offers. According to him, the new tool offers beneficiaries secure, seamless, and convenient experiences while paying their bills in their home country.
The report added that users could access the new service by visiting the offices of Lulu Exchange or login into the official website for the tool, or using the application designed for mobile devices.
Singapore Approves Ripple’s Remittance Services
Furthermore, the Chief Executive Officer at BharatPay, Noopur Chaturvedi, stated that in terms of functionality and user experience, the new tool is a significant milestone for the Ripple community.
He continued that it would be exceptional and would be an excellent relief for expats around the globe. Chaturvedi added that the firms aimed to ease and fasten the procedure by which expatriates pay their bills via their BBPS program to Indian expats.
Recently, the Ripple network recorded another major milestone in its mission of expanding its business across Asia. The firm announced that the Monetary Authority of Singapore has recently approved its permit to provide regulated digital settlement services to both private and industrial customers in the region.
In addition, Singapore has gained more reputation as a booming financial technology hub that houses significant crypto firms like the DBS. Additionally, the permit enables the Ripple network to increase the worldwide adoption of its native crypto token, XRP, among financial and banking institution customers.
The CEO of Ripple, Brad Garlinghouse, recently tweeted that the firm is highly pleased with the latest development. He added that the Singapore exploit is a big step in line with the firm’s mission to expand its business across Asia. It also depicts its commitment to cooperating with regulators and obeying the regulations backing crypto-related activities in different regions.
Ripple Continues Asia Pacific Expansion Despite Hurdles
Furthermore, Garlinghouse said that the fact that Singapore has made clear its regulatory stance on crypto and financial tech makes the approval more significant. Also, it creates an alignment between Ripple and the developing Singapore-regulated market.
Meanwhile, Ripple reportedly received the approval while still battling the United States Securities and Exchange Commission in their prolonged legal brawl that started in 2021. However, the legal challenges did little to nothing to stop the gradually increasing global adoption of Ripple’spayment solution.
According to a report, the remittance tool, which was launched last year to offer seamless cross-border payment services to private and institutional businesses, has recorded massive growth.
Furthermore, the newly approved license reportedly strengthens Ripple to improve the expansion of its crypto-based payment services across the Asian-Pacific region.
Singapore has been actively participating in the crypto and fintech industry for a while.
It has a strategic and innovative approach to relating to the industry. Hence, experts regard it as a model other countries can emulate to create their crypto regulatory frameworks.
Ripple created its headquarters in the Asia Pacific region in 2017, as it envisaged the regional growth and development of crypto as it is happening now.