San Francisco-based FinTech payments startup Ripple is expanding to India with a new office in the country’s business capital, Mumbai.
While announcing this development, the company also revealed that former banking executive Navin Gupta will lead operations in the country. Navin has multiple decades of experience in global banks including HSBC and Citibank across the U.S, Hong Kong, Japan, Taiwan and India.
Commenting about this, Navin Gupta said:
India is the largest recipient of corporate and retail remittances worldwide, totaling close to $71 billion. Ripple’s instant, cost-effective blockchain-powered payments can be a transformative component of India’s economy, helping bring the many who have limited access to payment services into the fold. We are committed to building our presence in this market with significant investment, and I look forward to expanding our local team with this vision.
Bridging the gap between traditional finance and blockchain technology, Ripple has been successful in making a lot of flurry in Asia. The company has made banks acquainted with the power of blockchain technology and made instant global money transfers a reality.
Ripple is a distributed financial technology that enables banks to send real-time international payments across networks. The venture-backed startup currently has offices in San Francisco, New York, London, Luxembourg and Sydney.
The company has developed Ripple Consensus Ledger (RCL), an enterprise-ready public blockchain geared specifically for banks and financial institutions to process cross-border payments.
The startup says that its solutions have already been implemented by two Indian private banks – Axis Bank and Yes Bank. Axis Bank initially trialled Ripple’s blockchain for money transfers in late 2016, while earlier this year, Axis revealed it was working on incorporating the technology to cross-border remittances.