Ripple Targets China’s $67 Billion Remittance Market, Plans to Open New Office in Shanghai
Ripple is looking for a country manager to launch a new office in Shanghai, China. The San Francisco-based fintech startup says the new tech savvy leader with entrepreneurial energy will spearhead efforts to bring the new international office online, broadening Ripple’s reach in Asia.
The new hire will help shape Ripple China to expand RippleNet’s growing list of 200 banks and financial institutions. To penetrate the Chinese market, Ripple is looking for a seasoned professional with a proven track record and a network of contacts. Candidates will need to be “deeply familiar with the payments landscape (across commercial banks, central banks, payment providers, regulators, etc.) and how it works not just in mainland China but also Greater China.”
China is second in the world in remittances at $67 billion a year, according to the World Bank.
The company currently has offices in San Francisco, New York, London, Mumbai, Sao Paulo and Sydney. Its reach into China is part of long-term strategy to build RippleNet as the global leader in cross-border payments, rivaling incumbent Swift, the global messaging network for over 11,000 banks and financial institutions.
In January, Ripple launched the Blockchain Technology Research Scholarship Program (BRSP) in collaboration with Tsinghua University Institute for Fintech Research, a leading, fintech-focused academic institute in Beijing.
— Tsinghua University Institute for Fintech Research (@THIFR3) January 23, 2019
BRSP will focus on the development of blockchain technology and international regulatory policies.
Last May, the State Council of China issued a statement to support the speedy development of blockchain technologies.
“To build a regional equity market in Guangdong, according to the opening up of the capital market, timely introduction of Hong Kong, Macao and international investment institutions to participate in transactions. We will vigorously develop financial technology and accelerate the research and application of blockchain and big data technologies under the premise of legal compliance.”
Although China is encouraging blockchain, it cracked down on crypto-related companies in September 2017, prohibiting local banks in China from servicing them. Last October, the government also banned crypto-related events in public venues and shut down crypto channels on social media app WeChat.
Blockchain developments will be carefully monitored. Effective February 15, regulators require blockchain companies operating in China to register their names and server addresses under the newly enacted “Regulation for Managing Blockchain Information Services.”
One of China’s top payment service providers, LianLian, offering domestic money transfer and cross border payment solutions, joined RippleNet in February 2018.