In its March earnings call, U.S.-Latin American remittance provider, Intermex, revealed that it will not be using Ripple (XRP)’s technology in its major markets. Intermex chief executive Robert Lisv explained: “So, you won’t really see us leveraging Ripple in our core markets. I think it will bring us more growth in newer markets in places where we’re exploring going into ancillary products.” Intermex to use Ripple for "ancillary products" in "newer markets" Ripple announced its partnership with Intermex on Feb. 5, with its press release emphasizing that the deal would “enabl[e] faster cross-border payments between the U.S. and Mexico.” Despite …

Thai fintech DeeMoney has deepened its integration with blockchain-based financial services network RippleNet, further consolidating Ripple’s presence in Asia. As the first non-bank institution in Thailand to sign on to RippleNet, DeeMoney already processes inbound transfers using the blockchain network along remittance corridors in the Middle East and Gulf Regions, South Korea, Indonesia, Singapore and Israel. On March 18, Ripple and DeeMoney announced the second phase of their partnership to widen these services to support outbound remittances from Thailand to destination countries. A major remittances market The value of remittances in Thailand is forecast to break the $1 billion mark …

As multiple countries and entities weigh the validity of a central bank digital currency the physical United States dollar still sits in a place of dominance — but for how long? “The dollar is the dominant currency today,” ING economist Carlo Cocuzzo said on a panel at London Blockchain Week. Cocuzzo added that “90% of forex turnover is in dollars, so the U.S. stands to lose in this game.” A September 2019 report from The Bridge showed similar prominence, with USD tallying 60-70% of foreign exchange reserves. Countries and companies look to CBDCs with interest Over the past year, various …

On Feb. 28, the Litecoin Foundation announced a partnership with MeconCash to roll-out Litecoin (LTC) to Korean won withdrawals and remittances from 13,000 ATMs in South Korea. The partnership will see LTC integrated onto MeconCash’s M.Pay payments platform. Litecoin will also be accepted as payment on MeconCash’s retail platform MeconMall, and to pay for games that accept M.Pay rewards. According to CryptoCompare, 24-hour trade between Litcoin and won produced nearly $4.3 million in trade — comprising 0.82 percent of total trade at press time. Charlie Lee, the managing director of the Litecoin Foundation, described the partnership as “a big step …

According to filings through the Securities and Exchange Commission (SEC), money transmission network MoneyGram has gained over $11 million from the blockchain-based payments firm Ripple Labs. In a press release by MoneyGram, the company stated it had received funds from Ripple divided over two quarters: in the fourth quarter, $8.9 million, and $2.4 million in the third, totaling $11.3 million. Its revenue for Q4 was reported to be $323.7 million. "MoneyGram continued to expand its strategic partnership with Ripple as the first money transfer company to scale the use of blockchain capabilities." Nothing in the SEC filings state what Ripple’s …

Another major financial institution has partnered with blockchain-based payments firm Ripple. The National Bank of Egypt has signed a cooperation agreement with Ripple to establish new channels for inward remittances, according to a Feb. 11 report from local daily news site Youm7. The agreement reportedly makes the National Bank the country’s first to venture into the blockchain sector. Remittances: an almost $600 billion global market The global remittance market — referring to the money or goods that migrants send back to family and friends in their home countries — is expected to reach $597 billion in 2020, according to data …

Hong Kong-based blockchain remittance startup Bitspark has abruptly announced its closure, citing internal restructuring issues. On Feb. 3, Bitspark co-founder and CEO George Harrap officially announced the platform’s plans to shut down its services on March 4, 2020. According to the statement, Bitspark users will be able to withdraw their cryptocurrencies from Feb. 3 to March 4 as the platform’s functionality will stay intact over the period. After March 4, account logins will be disabled for a period of 90 days, with users being able to withdraw their funds via Bitspark customer support, the announcement reads. Harrap emphasized that the …

Thai Stellar-based blockchain startup Lightnet has raised $31.2 million to boost cross-border payments in Southeast Asian countries. The Bangkok-headquartered firm has completed a Series A funding round led by major financial conglomerates in the region, Singaporean United Overseas Bank (UOB) and South Korea’s Hanwha Investment & Securities, Business Insider Malaysia reports Jan. 10. Stellar blockchain is used to replace “inefficient” payment systems like SWIFT Implementing the Stellar blockchain, a major blockchain protocol that is used to operate eponymous cryptocurrency Stellar Lumens (XLM), Lightnet has a brave plan to replace established payment systems like SWIFT in Southeast Asian market, the report …

Thailand’s oldest bank Siam Commercial Bank (SCB) has partnered with Ripple to create a mobile application powered by blockchain to deliver instant, low-cost cross-border payments. Per a Jan. 8 blog post from Ripple, the app — known as SCB Easy — was demoed in December during Ripple’s annual customer event, Swell. The demo reportedly demonstrated its ability to send cross-border payments in seconds. SCB’s senior vice president of commercial banking, Arthit Sriumporn, announced on-stage: “It is so difficult to send and receive money today. People must physically go to a bank branch, fill out long and complicated forms and wait …

Malayan Banking Bhd (Maybank) has signed a memorandum of understanding (MoU) with the National Bank of Cambodia (NBC) on cross-border payments and remittances. On Oct. 16, Malaysian business news outlet The Edge Markets reported that the country's largest bank will work together with the National Bank of Cambodia to promote cross-border payments and remittances. With the MoU, Maybank Malaysia, Maybank Cambodia and NBC will explore the possibility of transferring funds between Cambodia and Malaysia through NBC’s blockchain-based Bakong payment system and Maybank’s Maybank2u digital platform. Chea Serey, the assistant governor and director-general of central banking at NBC said that the …

National Superintendent of Cryptoactives Joselit Ramírez has announced that crypto remittance platform Patria Remesa is live and functioning. Radio announcement about the platform The Bolivarian Government of Venezuela reported the news on Aug. 27. According to the report, Ramírez said that Patria Remesa was ready for use on a radio show that he hosts on Radio Nacional de Venezuela. Additionally, Ramírez highlighted his confidence in the platform’s safety, as well as how the Venezuelan cryptocurrency El Petro (PTR) allegedly hedges against economic depreciation. A brief overview of the Petro Regarding the Petro itself, Ramírez explained: "The Petro was a plan …

The emergence of blockchain technology has undoubtedly altered the course of global digital payment development. With the likes of Ripple and Facebook’s Libra challenging the monopoly of banks and other financial institutions, mainstream players like SWIFT, Visa and Mastercard have been forced to seek significant improvements to the legacy system. Moving forward, the burning issue appears to be relevance. Blockchain systems run on the premise of replacing the legacy system with a more secure and efficient payment infrastructure. The mainstream players seem forced to face the quintessential evolutionary puzzle of “adapt or die out.” Like in every technological race, competitors …