Ripple Announces Partnership with UK Remittance Firm Xendpay
Xendpay, a UK-based remittance firm, announced a partnership with San Francisco blockchain firm Ripple to expand into Southeast Asian markets like Malaysia, Indonesia, Thailand, Philippines and Bangladesh. Ripple will add Xendpay as a client to its global settlements blockchain platform, RippleNet, to help form domestic banking partnerships that Xendpay previously did not have access to. RippleNet already supports “less liquid” currencies like the Philippine Peso or Malaysian Ringgit that were not supported by Xendpay.
The vast majority of Xendpay’s clients are immigrants living in UK who need to send money back home to provide for their families’ basic needs likes shelter, health care, food and education. “Previously we had to create a whole business case for each partner […] RippleNet reduces that complication and friction. There’s a built-in trust factor, which allows us to get to market quicker,” said Xendpay’s Head of Product, Bhavin Vaghela, in the company’s press release.
At the beginning of 2019, Ripple’s Senior Vice President of Global Operations, Eric van Miltenburg, said that Ripple has onboarded over 200 clients to its platform and are adding “an average of two to three new financial institutions to RippleNet each week.”