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Ripple’s Navin Gupta, the Managing Director for India, Southeast Asia, the Middle East and North Africa, recently spoke about these plans in an interview with TechCircle. Ripple opened an office in Mumbai last year, keeping in view its expansion plans.

Moreover, the firm has lately been adding the banks in India to its network of banks worldwide known as RippleNet. They also seem to be making moves to hold a dominant market share in the Indian market, with SVP of Product, Asheesh Birla, stating: Keeping this in mind, Gupta recently spoke in an interview about how Ripple wants to tap into the $70 billion remittance market.

He also spoke about its solutions and the primary competitor it has in the field. Ripple is matched up against a 60-year old banking system known as the Society for Worldwide Interbank Financial Telecommunication, better known by the name SWIFT.

The legacy system reportedly has around a 6% error rate, something that Ripple aims to identify and improve through their solutions. Gupta stated: “We are building a message-based superhighway through which money can travel and, mind you, they don’t have to be cryptocurrencies; fiat currencies can also travel via our blockchain protocol.” Gupta also revealed details about other markets that Ripple is specifically looking at, such as banks in the Middle Eastern region. Read more from…

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