Ripple is looking forward to explore the Chinese market for its distributed ledger technology (DLT) for cross-border payments, as stated by a Ripple executive recently.
Jeremy Light, vice president of EU strategic accounts at Ripple, stated that the company is looking to enter the Chinese market to enhance the speed of international payments with its DLT. Light said that “China is definitely a country and region of interest.”
While as of now cryptocurrency remains to the underlying statement of blockchain technology, Ripple’s blockchain took a different route than usual and was designed to accelerate payments processing, which after it’s launch has attracted over 100 financial establishments into it’s network. Though Ripple’s portfolio currently boats of leading financial industry players like UniCredit, Santander, UBS, the firm is likely to face strong competition from local fintech firms which are offering payment solutions.
Earlier this February, Ripple made an effort to enter the Chinese market by partnering with LianLian, Chinese payment
service provider in order to provide cross-border transactions to their customers across the U.S., Europe, and China, which would be faster and less expensive.
In last month news, Tencent implemented blockchain ecosystem which created the issuance of China’s first digital invoice on blockchain.
Ant Financial, the financial giant backing Alipay, started “definitive agreements” with its investors to secure $14 billion in a Series C equity financing round in June. The company aims to invest the acquired funds into providing momentum to Alipay’s blockchain and other innovative technologies in order to deliver financial services to unbanked and underbanked consumers.