Ripple Has Limited Impact on APAC Payments Landscape, Says BoA Treasury Products Head

A top financial expert says the impact of Ripple remains limited in the APAC payments landscape as SWIFT GPI takes center stage.

In a document discussing the rapid development of payments technology in the Asia Pacific (APAC) region, Head of Treasury Products in APAC for Bank of America (BoA), ES Venkat, spotlighted the impact of the San Francisco-based blockchain technology firm Ripple in the evolving payments landscape. 

The document discusses APAC’s diverse payments ecosystem and notes the growing momentum of blockchain products as a solution for cross-border transactions. It acknowledges that digitalization is rapidly gaining ground, even in areas where traditional cash and paper-based clearing systems still prevail. 

According to the document, APAC is at the forefront of offering various digital payment options, ranging from mobile consumer payments via QR codes to real-time corporate treasury solutions and even central bank digital currencies (CBDCs) and cryptocurrencies. 

Ripple Has Limited Impact in APAC

However, when it comes to the influence of Ripple, Venkat pointed out that its impact has been limited, particularly in cross-border payments in the Asia Pacific region. He argued that while blockchain technology has played a crucial role in digitizing trade documentation and enabling smart contracts, it is yet to match the initial hype surrounding it. 

According to Venkat, the emergence of SWIFT’s Global Payments Innovation (GPI) has taken center stage as the preferred solution for tracking and tracing cross-border payments in the region.

Venkat suggested that Ripple’s limited impact on APAC’s payments landscape can be attributed to the rapid rise of SWIFT GPI, which has gained significant traction among stakeholders.

Also, the financial expert expressed that blockchain technology found utility as an underlying security measure in certain transactions. Still, it has not achieved the level of success that was initially anticipated. 

Despite this, Ripple has recently secured a high-profile regulatory clearance from the regulatory authorities of Singapore. The development caught the attention of Yoshitaka Kitao, the Chairman of SBI Holdings, Japan, a leading financial services firm in Asia.

As The Crypto Basic reported, the approval will allow Ripple to expand its client base in APAC and strengthen its presence as a major player in cross-border payment in the region.

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• Source: https://thecryptobasic.com/2023/07/08/ripple-has-limited-impact-on-apac-payments-landscape-says-boa-treasury-products-head/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-has-limited-impact-on-apac-payments-landscape-says-boa-treasury-products-head