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An official press release by RippleNet member and fintech platform NIUM announced a partnership with a payment technology firm known as Geoswift. The purpose of the partnership is connecting China to the world.
That is, NIUM users will be able to leverage RippleNet for money remittances into China. Fourteen banks in China will also enjoy real-time services. Among them are Bank of China, Bank of Shanghai, and the Industrial and Commercial Bank of China.
Likewise, the partnership avails consumers and businesses the opportunity to transfer funds without hassles via Ripple partner InstaRem, NIUM’s consumer and SME brand. This is possible on its website or app.
In the words of Raymond Qu of Geoswift, the partnership is among the measures to become one of the top providers of instant P2P payments solution. He continued that the firm will not stop offering clients safe and hassle-free payment solutions, towards the fulfillment of the progressive growth of demands for instant money remittance into China.
In 2018, there were $49.85 billion digital remittances in the Asia-Pacific region. Based on forecast, remittances in this region could bring about something close to $269.78 billion by 2026, representing a CAGR of 23.5 percent between 2019 and 2026.
According to Allied Market Research, China contributed the most to the aggregated share of the Asia-Pacific digital remittance market in 2018. China is anticipated to be the highest contributor by 2026.
Market players in China are looking forward to the launching of electronic cross-border remittance services. One of the reasons for the growth of digital remittance in China is the lower fees imposed by service providers. Hence, the money transfer process is quite efficient than the traditional method.
There has been a remarkable rise in Ripple’s activity in its ODLs across various corridors. For instance, the Liquidity Index for BTC Markets XRP/AUD was over 14.3 million in its ODL for the Australian corridor.
Ripple has been working on remittance developments in Asia. This led to partnerships with DeeMoney in Thailand and MoneyMatch in Malaysia. This new partnership with Geoswift will help Ripple in leveraging the growing remittance market in China, where remittances was over $67 billion.
Featured image courtesy of Ripple.com. Source: Cryptopress.