In response to rising demand for speedy settlements and immediate access to funds, RippleNet’s On-Demand Liquidity (ODL) service has seen a boom in use in the APAC and MENA regions. APAC is said to be one of RippleNet’s fastest-growing regions, with transactions up 130 percent year over year.
In a recent interview, Brooks Entwistle, Ripple’s VP and Managing Director for APAC and MENA, emphasised RippleNet’s success in the Asia-Pacific area while projecting significantly higher utilisation of the service in 2022. RippleNet is a Ripple-developed worldwide blockchain-based payment service. While remittances may remain an important use case for RippleNet, the top executive believes that other developing use cases or applications, such as trade flow or treasury management, may emerge.
Another promising aspect is that key Asian-Pacific countries are looking into the use of CBDCs. In September 2021, Ripple announced a cooperation with Bhutan’s central bank, the Royal Monetary Authority (RMA), to test a central bank digital currency (CBDC) utilising Ripple’s CBDC technology in phases. According to a press statement, the decision was motivated by the country’s desire to improve digital and cross-border payments, increase financial inclusion efforts, and strengthen its commitment to sustainability.
APAC (Asia Pacific) has risen to dominate the digital banking industry in recent years, accounting for 20% of the world’s roughly 250 digital banks.
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