Ripple is the Leading Digital Remittance Provider
According to the findings of a study conducted by ASEAN Global Connections and the University of Cambridge, the remittance business has seen a transition to digital, with start-ups launching new cross-border payments and settlements.
In addition to Nium, which is also a Ripple partner, the research names Ripple as the most noteworthy company in the field of cross-border payments.
A reference to the Association of Southeast Asian Nations, an international organization that brings together ten Southeast Asian countries—Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam—into a single body.
What is ASEAN?
ASEAN is an acronym for the Association of Southeast Asian Nations, which is an acronym for the Association of Southeast Asian Nations.
Countries in Asia and the Pacific have surged to the top of the worldwide rankings when it comes to providing speedy payments using digital banking systems.
In addition, their research and development of alternative payment rails to better allow both cross-border and domestic rapid payments adds to the region’s increasing importance and leadership in the payments industry.
In recent years, Asia-Pacific has grown to become the dominant region in the digital banking industry, accounting for around 250 digital banks throughout the globe, or 20 percent of the total.
With clear and effective government legislation in place, as well as support for innovative payment technology, Singapore has established itself as one of the world’s most competitive financial centers.
As a result, quick payments are expected to grow by 58 percent by 2021, making it one of the world’s most competitive financial centers.
Because of innovative solutions such as crypto-assisted remittances and digital payment choices, the Philippines is also a financially competitive country. Between 2020 and 2021, virtual currency transactions climbed by 71 percent in the country.