- Ripple’s president emphasized the need for even the largest banks to embrace DeFi for their survival.
- SBI Remit partnered with Ripple to expand into Asian payment markets.
- The central banks of France, Switzerland, and Singapore are exploring DeFi for Forex markets.
Ripple’s president, Monica Long, made a resounding declaration during a previous meeting that has now gained renewed attention. Long’s words serve as a stark reminder to the financial world that even the most substantial banking institutions must embrace decentralized finance (DeFi) to ensure their survival.
This message has proven prophetic as the partnership between SBI Remit, a subsidiary of SBI Holdings, and Ripple unfolds, marking a significant expansion into the Asian payment markets. Through the establishment of a joint venture called SBI Ripple Asia, they are poised to make waves in the payment industry of the Philippines, Vietnam, and Indonesia.
What makes Long’s statement all the more pertinent is its broader context. Beyond crypto payment technologies, she was advocating for the adoption of DeFi across institutional finance. Recent developments underscore this point, with the central banks of France, Switzerland, and Singapore, in collaboration with the Bank for International Settlements (BIS), planning to test DeFi solutions in the Forex markets. This move holds the potential to facilitate cross-border payments and highlights the growing influence of decentralized finance in the traditional financial landscape.
While DeFi presents opportunities for traditional financial institutions, it also poses challenges and competition. The path ahead is undoubtedly uncertain, but Ripple’s president’s words continue to resonate as a reminder that adaptation and innovation are the keys to survival in the ever-evolving world of finance.
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