Ripple is in contact with the Chinese authorities to strengthen plans for expansion in China by the end of 2018, Finance Magnates reports.
As the newspaper notes, Chinese companies are determined to use Ripple technologies to improve the payment infrastructure, as well as to increase the efficiency and transparency of cross-border payments.
As the head of the representative office of Ripple in the Asia-Pacific region Sagar Sarbhai noted, the company conducts active negotiations with state institutions and banks of the PRC, checks regulatory and legal issues, as well as educational work, telling about the advantages of new payment solutions.
A recent statement by Ripple reflects its plans to expand in China by the end of the year. The company conducts tests related to payment transactions and settlements, using its solutions based on blockchain. The head of Ripple Representative Office in the Asia-Pacific Region Sagar Sarbhai noted that the company is actively negotiating with state institutions and banks of the PRC.
“This year you will see more announcements coming in on China, in terms of educating and differentiating us from some of the other cryptocurrencies that are out there,” Ripple’s head of government and regulatory relations for Asia Pacific Sagar Sarbhai said. “As we speak, our team is strategizing about entering the market, but it’s still very early days”.