RippleNet Sets foot in China
After partnering with financial institutions and payment providers across the US, Japan, South Korea, Thailand, and India, Ripple (XRP) has now roped in a leading Chinese money service company, LianLian International. LianLian comes with 150 million registered users from the region. Cross-border e-commerce transactions into China are projected to reach $1.32 trillion in 2018. So, the alliance with LianLian definitely serves Ripple’s mission to disrupt the $180 trillion cross-border payments industry. LianLian is an addition to Ripple’s existing network of more than 100 financial institutions. The company’s existing partnerships with payment providers such as LianLian, include US-based IDT and MoneyGram, and London-based MercuryFX.
The partnership could power Ripple to tap into the influx of global payments sent to the Chinese e-commerce market and LianLian. LianLian processes billions in payments between merchants and consumers, including major online retail sites, such as Amazon, Ali Express, and eBay — making it one of the largest money service companies serving China’s massive e-commerce market. “Cross-border payments related to China’s e-commerce market reached $1.07 trillion in 2017. There is a huge opportunity to make these payments quicker and more cost-efficient,” said Emi Yoshikawa, Director of joint venture partnerships at Ripple.
Ripple’s xCurrent settlement solution would enable LianLian to provide a superior customer experience by offering end-to-end tracking — to power cross-border transactions between China, the U.S. and Europe. According to Arthur Zhu, CEO of LianLian, “With RippleNet, we will further enhance that experience and increase our market share by offering customers instant, blockchain-powered payments across the 19 currencies that we currently support. We look forward to working with Ripple to power payment flows between China and RippleNet members in new markets.”