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Ripple’s blockchain is the solution for remittance issues in South East Asia, top Siam Commercial Bank official

Namrata Shukla

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Ripple's blockchain is the solution for remittance issues in South East Asia, top Siam Commercial Bank official
Source: Pixabay

Ripple and XRP have been performing adequately to maintain the community’s spirit, even though it couldn’t emulate the run made by Bitcoin earlier this month. Ripple has been spreading its wings across the globe with its innovative software and other technologies. In a recent Ripple Regionals event held in Bangkok, various officials from Asain banks explained how Ripple’s tech helped them solve the problem of cross-border payments.

Paul Arriyvat, Vice President, Disruptive Technology Office, Siam Commercial Bank [SCB], noted that migrant workers across Southeast Asia sent a cumulative amount of $68 billion to their home countries every year. The Vice President brought attention to not only the necessity of workers to send money, but also the requirement of it to be fast and efficient. However, current remittance services are failing to meet the demands of these workers effectively, he said, adding that “this region is full of pain”, but “also full of opportunities”.

The VP talked about “mixing and matching” multiple solutions to meet the needs of the workers with reduced fees. They partnered with Ripple, invested in it, and partnered with the company to solve this “pain point”. Blockchain service providers can help them in processing remittances in real-time, while being accessible anytime, unlike banks. This would be a benefit for low-income users as it would be an affordable service. Arriyvat said:

“Blockchain technology became our core [platform] for solving this pain point.”

He added:



“We started with Thai migrant workers living in Japan and helped them send money home through 30,000 ATMs.”

In the same event, a member of Ripple’s Board of Directors, Thomas Tan Kok Kiong, Senior Managing Director, Group Treasury Sales and FX, CIMB Bank, said that Ripple had solutions for many of the industry’s grave concerns.

He also talked about how the remittance issue impacted the “small people” and focused on how Ripple’s tech could help them reach their goal.  He said:

“We are increasingly moving towards white collar and digital spheres. That is why it is important for us to work with Ripple. We hope that your technology will help us get closer to small guys and solve the problems plaguing the remittance industry.”





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Bitcoin

Bitcoin [BTC]: Don’t buy BTC at the top, buy it right now, says CNBC’s Brian Kelly

Akash Anand

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Bitcoin [BTC]: 'Don't buy BTC at the top, buy it right now', says CNBC's Brian Kellyq
Source: Pixabay

Bitcoin’s [BTC] rapid movement on the cryptocurrency charts revitalized an industry which was touted to be dead and buried in early 2019. The events over the past few weeks have not only increased the value of Bitcoin, but have also assisted in raising the collective market cap and the prices of other cryptocurrencies.

Giving more insight into this market movement was CNBC’s Brian Kelly, who touched upon the price fluctuations, as well as where the world’s largest cryptocurrency can go from here. The Bitcoin baller claimed that the 100 percent bounce back from Bitcoin’s lows was a great incentive for new investors. It also provided a reprieve for existing players in the market. Kelly claimed,

“Investors are wondering what the next market driver could be and in my opinion there are a couple of things. First of all we are starting to see the institutional players get into the field, evidenced by the entry of Fidelity and other such companies. Even the retail perspective is huge, with TD Ameritrade investing in Eris X with sources claiming that the organization will open BTC trade for customers in the  next three to six months.”

Kelly also spoke about how the market was entering a phase of a supply cut, where the supply of Bitcoin gets cut in the overall spectrum of the market. According to him, there is generally a price rally a year into the rise and a year out of it, and the combination of the supply cut and the rise in demand will be beneficial to Bitcoin’s price.



The CNBC official was also careful to inform holders and investors that while the price is holding at this point, people need to be careful since the market might be in the mood for a reversal. He warned,

“Do not buy it at the top but rather buy it now.”

At the time of writing, Bitcoin was trading at $7943.23, with a total market cap of $140.712 billion. The 24-hour market volume was holding at $24.816 billion and the BTC market was moving up by 0.45%.





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