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India remains on the sidelines of cryptocurrency regulation, with clarity on the subject eagerly awaited by many in India’s crypto-community. While the country is facing a potential blanket ban on crypto, Ripple shared a video hinting at India’s wider participation in the field. The clip was shared on Ripple’s official website, and detailed the launch of a new remittance corridor from Saudi Arabia to India.
In the video shared by Yoshitaka Kitao on Twitter, Saudi Arabia British Bank’s [SABB] representative, Ghada Al Jarbou, expanded on the bank’s vision for “a future proof technological solution” which was aligned with Ripple’s strategy for implementing “cheap, transparent and safe transactions”.
Al Jarbou noted that the bank had relatively low penetration in the regional remittance market. However, Ripple’s new announcement could be a boon for the market. This sentiment was shared by Amit Talwar, Induslnd Bank’s EVP & Head of Transaction Banking Sales, who noted that this was a “big opportunity for India”.
India’s position as a critical and highly desirable corridor for many financial service providers in the Middle East and North Africa [MENA] region was strengthened after it registered the highest remittance volume in the world in 2018 at $79 billion. Al Jarbou added,
“We [SABB] started this journey with India together to build a customer experience by providing transparency.”
Talwar also pointed out that the partnership was “one of the fastest bilateral tie-ups”, owing to the common willingness of the two countries and Ripple’s team. While SABB was implementing the technology as a means to enable transparent transactions, Al Jarbou said that the next step for SABB would be building up the volume of INR transactions, while adding new currencies to its remittance product.
For IndusInd, embracing Ripple has allowed the bank to be the first mover and get ahead of the change. By finding a committed partner, leveraging the power of Ripple’s technology and network, and adhering to the vision of becoming a leading remittance partner, Talwar believes that the bank is leapfrogging to the front of the market.