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China’s $67 billion money transfer market was targeted by Ripple (XRP)

Ripple is looking for a Country Manager to open a new office in Shanghai. The San Francisco-based fintech startup says the new new manager will build business in China, a $ 67 billion cash transfer market.

The new plan will help Ripple expand its growing list of 200 banking and financial institutions in China. To penetrate the Chinese market, Ripple is looking for an experienced professional with a proven track record and a network of contacts. Applicants must be “very familiar with the payment landscape (through commercial banks, central banks, payment providers, regulators, etc.) and their functioning not only in mainland China but also beyond.”

According to the World Bank, China is number two in the world with $ 67 billion a year in remittances. Ripple wants to become the world market leader in cross-border payments

The company currently has offices in San Francisco, New York, London, Mumbai, Sao Paulo and Sydney. Its reach in China is part of a long-term strategy to build Ripple as a global leader in cross-border payments. The company’s biggest competitor is the established Swift, a global referral network for over 11,000 banks and financial institutions.

In January, Ripple, in partnership with the Tsinghua University Institute for Fintech Research, launched the Blockchain Technology Research Scholarship Program (BRSP). This is a leading fintech-focused academic institute in Beijing.

BRSP will focus on the development of blockchain technology and international regulatory policy. China’s State Council issued a statement last May to support the rapid development of blockchain technologies.

“We will vigorously develop financial technology and accelerate the research and application of blockchain and big data technologies, subject to regulatory compliance. ”

The ratio of China to cryptocurrencies is currently somewhat ambiguous. On the one hand, China is promoting blockchain technology through various initiatives. On the other hand, China has been cracking down on crypto companies since September 2017.

For example, local banks in China are prohibited from serving cryptographic companies with normal banking services such as business accounts. Last October, the government also banned crypto events in public places. In addition, the government closed communication channels on social media, such as on the social media app WeChat.

In China, cryptocurrencies and blockchain companies are monitored.

China monitors all Blockchain developments very carefully. As of February 15 this year, regulators require Blockchain companies operating in China to provide their names and server addresses. This is done under the new Blockchain Information Services Management Regulation.

One of China’s leading payment service providers, LianLian, joined RippleNet in February 2018. This company offers domestic money transfer and cross-border payment solutions. Of course, China remains of the utmost interest to the big crypto companies in the world because of the huge size of the market.


Also published on Medium.

Published inFintechStartups
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