Ripple, the fintech company, has made major announcements at the Ripple Swell Conference 2023. Firstly, they have rebranded their flagship product RippleNet as Ripple Payments, signaling a strategic shift towards enhancing blockchain-enabled cross-border payments and promoting enterprise crypto adoption. The rebranded product now covers over 70 crypto and traditional payout markets, expanding the scope of their cross-border payment solutions. Additionally, Ripple has obtained over 30 licenses to strengthen its regulatory compliance, including a MAS Major Payments Institution license and Money Transmitter Licenses in the US.Monica Long, President at Ripple, emphasized the importance of blockchain and digital currency applications in overcoming challenges faced by the financial industry. She highlighted that Ripple has focused on key components of infrastructure required for enterprise-grade payments, and now they are unveiling an end-to-end solution that allows customers to tap into crypto utility without needing expertise in the technology. The integration with the XRP Ledger’s native decentralized exchange (XRPL DEX) aims to enhance product performance and provide access to global liquidity options.In another significant development, Ripple has expanded its partnership with Onafriq (previously MFS Africa), resulting in the establishment of three new payment corridors. This enables streamlined and cost-effective remittance and business payments between Africa and several international markets. The partnership facilitates transactions between PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia with recipients in 27 countries across Onafriq’s pan-African network. The collaboration aims to address challenges in cross-border payments and accelerate financial inclusion in Africa, where mobile money adoption and digital financial services have seen rapid growth.The partnership with Onafriq is particularly noteworthy due to their extensive network, connecting over 500 million mobile wallets in 40 countries and operating across more than 1300 payment corridors in Africa. This positions Onafriq as a key player in regional interoperability and cross-border payments.Overall, these developments demonstrate Ripple’s commitment to revolutionizing cross-border payments and expanding the adoption of digital currencies in the global financial landscape.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Africa |
| Countries | 🇦🇺 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Dare Okoudjou, Monica Long, Aaron Sears, Peter Jensen |
| Companies | MFS Africa, PayAngel, Onafriq, Ripple, Pyypl |
| Currencies | XRP |
| Securities | None |
