Blockchain startup Ripple has announced that it has set up a new office in Mumbai, India.
The company said that it has actively opened new offices across the globe to serve its growing customer base. Ripple already has its offices in Australia, Japan, and the U.K.
According to the official announcement, Navin Gupta has been appointed Country Manager for Ripple India. Gupta will bring his extensive experience in transaction banking, product management and global strategy roles at HSBC and Citibank across the U.S, Hong Kong, Japan, Taiwan and India.
“India is transforming itself into a digital economy and is an innovative leader in payments. Our new office in Mumbai, led by Navin, will allow us to respond to the rapidly-growing demand for frictionless payments by our current customers, Axis Bank and YES Bank, as well as other bank and non-banks across the country,” said CEO Brad Garlinghouse. He added, “Navin brings to the role a wealth of global banking and payments expertise that we are confident will drive demand for Ripple payments solutions into India. We are very excited to welcome him to the team.”
Ripple’s expansion to India comes at a time when the country is increasingly making efforts to embrace blockchain technology. Indian states, including Telangana and Andhra Pradesh, are seeking to bring blockchain technology to e-governance. In addition, the Reserve Bank of India (RBI) has also dived into the blockchain space. Earlier this year, the RBI’s research arm Institute for Development and Research in Banking Technology (IDRBT), worked with the regulators, banks, financial institutions and clearing houses to explore the use of blockchain in a trade application.
“India is the largest recipient of corporate and retail remittances worldwide, totaling close to $71 billion. The businesses and Indian expatriates sending money into the country want their cross-border payments to be as fast and seamless as payments made within India’s domestic digital payment network. Why should a cross-border transfer take any longer than an electronic transfer within India?” Gupta said. “Ripple’s instant, cost-effective blockchain-powered payments can be a transformative component of India’s economy, helping bring the many who have limited access to payment services into the fold. We are committed to building our presence in this market with significant investment, and I look forward to expanding our local team with this vision.”
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