One of the most noteworthy issues discussed during this year’s SIBOS conference was the rise of Asia-pacific as a leader in financial innovations. Most of the latest innovations in the banking industry are being implemented in Asia, and the global banking industry is taking note of it. Speaking at the SIBOS conference, here is what Standard Chartered’s Lisa Robins said about Asia Pacific and banking innovation,
“High mobile penetration driving financial inclusion and the mindset to change and to transact 24/7 are key factors making Asia a source for innovation. Asia financial institutions don’t have the same legacy systems as their western counterparts, which enables them to leapfrog and deliver cutting-edge digital payments solutions.”
The innovativeness of the Asian banking industry and its recognition at such a huge event is a big deal for ripple and XRP (XRP) for several reasons. First, Asia-pacific and Asia, in general, is one of the regions where ripple has made significant in-roads in the last couple of years. In the Asia-pacific region, ripple has been active in the development of solutions aimed at giving more people access to financial services cheaply and faster. Prove to ripple’s influence in this region is in the appointment of Dilip Rao to drive ripple’s presence; way back in 2015. In appointing him, here is what ripple had to say, and their expectations for this region.
“We are excited to formally unveil a presence in Asia Pacific — an area that has been aggressively pursuing faster payment technologies for both domestic and cross-border payments. Dili is a natural fit to lead this office because of his years of experience in the space and his deep, engaged network in the region.”
So far ripple’s presence has been a success as can be seen with the launch of MoneyTap. This is an application built by SBI and ripple to facilitate cheap and fast cross border payments in the Asia-Pacific region. It has been a huge success especially in the remittances market for Asia-Pacific workers who make a living in Japan.
With such a high and growing success of ripple’s innovations in this region, and the fact that the global banking industry is recognizing it, it is clear that the banking industry is warming up to this innovation. Clearly, the idea of fast payments is gaining traction, and the only thing that could hold it back, especially in the west are the regulations. But this too is changing. Regulators in the west know that for them to remain relevant in a fast changing global financial services market, they will have to be adaptable to changes in the environment. Favorable regulations will open up banking competitiveness and could see ripple and XRP take a central role in the re-engineering of the finance industry, to meet the needs of the 21st-century consumer of financial services.
The future of DLTs, especially XRP (XRP) is good, now that the banking industry is feeling the pressure to adapt to the changing environment. Once fully adopted, XRP (XRP) couled easily rise to the top in crypto by market cap.