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 “Ripple will definitely enter the Chinese market! ”Regarding China, the world's largest electronic payment market, Brad Garlinghouse, founder and CEO of Ripple, a well-known financial technology startup based in San Francisco, said that the company is talking to regulators and potential partners, hoping to provide solutions suitable for China's regulatory environment. Garlinghouse made the above remarks during an exclusive interview with DT Jun in Singapore on Tuesday (November 12). He also pointed out that Ripple’s customer list currently includes one Chinese customer, and “more (Chinese customers) will definitely be added in the next year. ”  Picture | Brad Garlinghouse (Source: Photo by DT Jun) “China is a major member of the global financial ecosystem. We certainly think China is very important," Garlinghouse said. "We are willing to work with the regulatory framework to find solutions that fit this ecosystem. ” China is the world's largest electronic payment market. At the same time, businesses and individuals have increasingly strong demands for cross-border payments. In particular, there is huge room for development of B-side payment solutions. According to data from the China Payment and Clearing Association, the amount of cross-border Internet transactions by domestic third-party payment institutions in 2017 was approximately 320 billion yuan, with the number of transactions reaching 1.256 billion. As a fast-growing financial technology startup, Ripple has recently been actively exploring the Asian market, and of course it also has a strong interest in the Chinese market. Jeremy Light, Ripple’s Vice President of European Alliance Strategic Accounts, also bluntly stated in an interview with CNBC earlier this year that the company is “absolutely interested” in the Chinese market. However, considering that in order to prevent speculation, China currently adopts a very strict regulatory policy on cryptocurrencies. Ripple, which operates Ripple (XRP), the third largest cryptocurrency, may face many challenges if it wants to enter China. It will inevitably need to solve compliance issues, such as how to provide products and services that comply with Chinese regulatory standards. In response, Garlinghouse said that Ripple “is having conversations with Chinese regulators, potential partners or customers. ” He also emphasized that Ripple is positioned as a cross-border payment company and is committed to solving various problems in the field of cross-border payments. Blockchain technology and encrypted digital assets are just the ways Ripple is currently using to solve these problems. Industry insiders also analyze that if any encrypted asset service wants to operate in the Chinese market, it is an inevitable prerequisite to comply with China's regulatory requirements, that is, its operating business must be transparent and traceable. Looking at the existing mainstream cryptocurrencies, Ripple has relatively mature conditions. Garlinghouse pointed out that thanks to communication protocols such as TCP/IP, today’s data is interoperable on the global network, but currencies do not have such interoperability. Especially for cross-border payments, the current global financial system still has to rely on traditional methods with high costs and low transparency. Ripple can help financial institutions improve this problem. Although Ripple has long been criticized by many outsiders, it has recently made progress in commercialization. Last month, Garlinghouse announced at the Ripple Swell Conference in San Francisco that its xRapid product and service had been adopted by three financial payment-related service providers, including MercuryFX, Cuallix and Catalyst Corporate Credit Union. This is the first time Ripple xRapid has been put into commercial application. In addition, Garlinghouse also told DT Jun that Ripple currently has about 150 customers around the world, including large financial institutions such as Standard Chartered Bank, UBS, UBS and Santander. Having said that, Ripple currently only has one customer in China, which is LianLian Pay, an independent third-party payment company headquartered in Hong Kong. Lianlian became Ripple's first Chinese customer earlier this year, providing its customers with real-time payment services based on blockchain technology through RippleNet. According to information on Lianlian’s official website, the company’s payment services are currently connected to 11 domestic electronic ports and support 16 mainstream settlement currencies around the world. -End-   |
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