Ripple, a popular company dealing in cross-border payment settlement, has just added a new bank to its portfolio, sealing a partnership agreement with the second largest bank in South Korea, Shinhan Bank.
According to Ripple employees, over 200 banks across the world are customers of the startup company. However, not all of them are set to use its digital token, XRP, but the collaborations are a step in the right direction.
The blockchain tech firm has quite gained trust among world’s notable banks, judging by the number of partnerships it had sealed over the years. This new development is an obvious means for Ripple to improve its network among top banks and financial institutions, globally.
Shinhan Bank Seals Partnership with Ripple
Before this recent partnership, Ripple had partnered with the 5th largest bank in Korea, Woori Bank. This makes it look more like a calculated and strategic means of targeting prominent banks and financial institutions around the world.
Ripple’s Head of Government & Regulatory Affairs in the Asia Pacific, Sagar Sarbhai, published the information and was related by a pseudonymous Twitter user named XRP Research Center some hours ago. The user pointed out that the partnership is the second in Korea after Ripple sealed a partnership with the aforementioned Woori Bank.
This means that the two of the largest banks in South Korea are now Ripple customers:
— XRP Research Center (@XrpCenter) September 25, 2019
Ripple Partners Faysal Bank, Makes Debut In Pakistan
Ripple blockchain technology has been granted entrance into Pakistan after signing a deal with Faysal Bank, a licensed commercial bank in the country.
NewsLogical confirmed that the commercial bank joined the multitudes of Ripple customers to use the latter’s blockchain solution to solve its cross border payment glitches. A press statement made by the President and CEO of Faysal Bank Mr.Yousaf Hussain confirmed the deal. Mr. Hussain related that Faysal Bank joined Ripple to ensure seamless and secure international payment service.
Faysal Bank has its tentacles spread across 150+ cities with over 455 branches, amongst which 255 are Islamic banks. CEO Hussain further mentioned that the collaboration will help them add more value to their customers.