Ripple Enables Payment Services for India’s Federal Bank

April 24, 2019

Federal Bank Limited, a private bank in India, has reported to the Bombay Stock Exchange that it has entered a partnership with Ripple (XRP) to offer international payment services, according to The Next Web.

Shyam Srinivasan, Managing Director and CEO of Federal Bank, and Ripple Senior Vice President John Mitchell inked the partnership agreement between the two companies. Federal Bank is estimated to control 15 percent of the Indian remittances market. The bank has been seeking solutions that can be powered by blockchain, which will help expand its business.

Srinivasan said in an interview with Gulf News, “Federal Bank is an important part of the remittance eco-system to India, so, it is only natural for us to offer the latest technology to our customers and remittance partners such as exchange houses and banks.”

The bank’s chief executive added that Ripple will take part in ensuring that cross-border transactions are safer and more secure. Many banks worldwide have turned to Ripple, as the network offers technology that can facilitate international payments.

Still, neither Ripple nor Federal Bank has yet to reveal whether cryptocurrencies will be involved in the deal, given India’s wary attitude towards cryptocurrencies.

Last year, India’s central bank, the Reserve Bank of India (RBI), ordered financial institutions to cease all operations related to cryptocurrency. The move was appealed against, but then upheld by the Supreme Court of India.

The general sentiment is that though India might have demonstrated signs against the use of cryptocurrency, it seems to support blockchain, which may be one of the reasons behind this latest partnership between Federal Bank and Ripple.

Source: thenextweb.com

 

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Blockchain: Fine-tuning the Music Industry
Music might be in need of another tech disruption in the form of blockchain.

July 17, 2019

Graph Blockchain Secures Contract with South Korean Transport Ministry
The pilot project is for storing traffic data on a blockchain network as part of the Smart City nati...

July 13, 2019

Hong Kong, a Great Place for Blockchain Startups
It is quite evident that Hong Kong is quite rapidly developing to be a blockchain hub in the region ...

July 12, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us