Welcome back to another post guys and girls! Today we bring you a couple of positive pieces of news that have come out in the past couple days.
Yoshitaka Kitao has claimed that Ripple’s work with XRP in the Middle East region is a success. Mr. Kitao spoke about the impact Ripple has had on the economic system, as well as the negative side of the world of digital assets. He also stated that Ripple have been aiming to work with Arab countries and other regions in the MENA (Middle East and North Africa) and not just hotspots like the United States and Europe.
Yoshitaka Kitao was also in the news recently when the SBI official joined the Ripple board of directors. Ripple co-founder Chris Larsen welcomed him to the team whilst stating the influence of Kitao would boost Ripple’s customers in the Asia pacific region as well as deepen the understanding of the Asian economic system.
News also came out that Saudi British Bank have launched a Ripple powered international transfer service. This is enterprise adoption and we are seeing the pathways for XRP and other bridge assets to travel down being created. This pathway is from Saudi Arabia to India, and there will no doubt be a few more emerging soon, and many more being built in the near future. This is what is enabling the internet of value to grow and become stable.
After revealing that more than 200 financial institutions had adopted its technology solution Ripple have added a fresh partner, thanks to the decision by Saudi British Bank to use the company for an instant cross-border transfer service.
The bank revealed that the new service is part of a business strategy focused on digital transformation and enriching customer experience.
The current legacy and correspondent banking system is extremely inefficient, slow and outdated and as such needs to be restructured, which is what we are slowly seeing being implemented.
However, the bankers aren’t going to completely reform systems and technology across the world overnight, they are going to focus on building one corridor at a time until they are happy with the solutions. Once they are happy we will see every database on a blockchain.
It is extremely exciting to think about where we are heading and as always we will continue bringing you the latest developments. Thanks for checking out this post, have an amazing week and live long and HODL guys!
Written by Dominic Zohreh
Twitter – domz_invests
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