Nium Expands into Southeast Asia via RippleNet

UTC by Ibukun Ogundare · 3 min read
Nium Expands into Southeast Asia via RippleNet
Photo: Shutterstock

Nium started leveraging RippleNet to process real-time transactions a while ago.

Singapore-based financial institution Nium has been able to expand in Southeast Asia with the help of RippleNet technology. Nium has become the first within the region to offer corridors from North and South America to specific destinations in Southeast Asia. The CEO and co-founder of the Singapore fintech, Prajit Nanu, acknowledged that RippleNet helps in the swift globalization of Nium.

Nium Leverages RippleNet for Real-Time Transactions

A report on the Ripple Case Study Page reveals that Nium started leveraging RippleNet to process real-time transactions a while ago. In addition to providing a more reliable payments experience for customers, Nium also saw an uptick in the total volume of remittances within five months. RippleNet also gave Nium access to new partners, thereby expanding the reach of its global payment services. The fintech firm has also been able to solidify its presence in Singapore. Australia, and Malaysia. The CEO noted:

“Through Nium’s use of Ripple in the Philippines and Mexico corridors, we have been able to eliminate pre-funding requirements and offer faster remittances at a lower cost.”

Ripple continues to make waves and attract strategic partnerships despite its long-running conflict with the US Securities and Exchange Commission (SEC). The prime minister of Georgia, Irakli Garibashvili, is currently in talks with Ripple CEO Brad Garlinghouse.

Furthermore, Qatar National Bank (QNB) partnered with RippleNet to launch a new payment solution. QNB announced the development at the Smart City Expo Doha 2022. The company’s GM Retail Banking Division, Mr. Adel Al-Malki, expressed his pleasure with the partnership. The agreement also made QNB the first to collaborate with RippleNet through service expansion to multiple countries. Al-Malki said the Middle Eastern bank would continue to agree with top plates to share the future of Qatar.

Earlier this year, UAE money transfer firm Al Fardan joined RippleNet Cloud to offer real-time international money remittance. Al Fardan said it joined RippleNet Cloud to integrate its speed and flexibility without worrying about hardware management.

RippleNet is Considering IPO

In another bullish move, Garlinghouse said it would consider the possibility of an IPO after its battle with the Commission ends. For one, this means that the company is confident of winning the ongoing legal battle. The comment also signifies that Ripple keeps thinking of ways to move forward despite the lawsuit.

“I think we want to get certainty and clarity in the United States with the US SEC. You know, I’m hopeful that the SEC will not slow that process down any more than they already have. But you know, we certainly are at a point in scale, where that is a possibility. And we’ll look at that once we’re past this lawsuit with the SEC.”

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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