Announcing Brooks Entwistle: Scaling Ripple’s Momentum in APAC
Ripple is thrilled to welcome Brooks Entwistle as Managing Director of APAC to steer and scale the corporate’s operations in our quickest rising area.
Brooks joins at an thrilling time for RippleWeb, which now consists of Singapore-based remittance firm BKK Forex, including to Ripple’s quick rising buyer base within the area like—Siam Commercial Bank, iRemit, DeeMoney and others. BKK Forex joins Ripple’s international monetary community to course of SME and remittance funds from Singapore to Thailand.
Finance and Tech Veteran Joins Ripple
Based out of our APAC headquarters in Singapore, Brooks Entwistle brings three many years of senior administration expertise in each the monetary companies and expertise industries — with the mission to drive digital asset and blockchain adoption within the area. His appointment comes at a time once we are deepening and increasing our presence throughout this dynamic area for RippleWeb, which incorporates 14 international locations.
Most not too long ago, Brooks led the regional progress technique as Chief Business Officer (International) at Uber, launching the corporate into new markets and navigating by means of regulatory challenges throughout Asia Pacific. Prior to becoming a member of Uber, he spent over twenty years at Goldman Sachs, and was accomplice and chairman of the financial institution’s Southeast Asia enterprise.
Ripple’s Asheesh Birla, General Manager of RippleWeb, explains, “Southeast Asia’s payments ecosystem is extremely dynamic with fairly complex, country-specific schemes which require a lot of in-depth knowledge. The adoption of RippleNet among the region’s many fintechs, payments service providers and SMEs makes Southeast Asia our biggest market for both customer demand and transaction growth. We’re excited to welcome Brooks to lead the charge as Ripple doubles down on efforts to further our phenomenal growth in the region.”
“I’m thrilled to join Ripple to scale the company’s footprint in this pivotal region. Having helped build and scale companies across both the financial services and technology industries for the past 30 years, joining an industry leader like Ripple was an obvious choice given the convergence between finance and technology — and even more so in a region that’s at the cusp of accelerating payments innovation. I look forward to leading this talented team as we fuel the future of finance with RippleNet adoption in Southeast Asia and beyond,” says Entwistle.
Southeast Asia Transactions Grew by 10x in 2020
With the continued pandemic reducing the limitations to adoption of digital funds, Southeast Asia has emerged because the quickest rising area on RippleWeb. In 2020, the variety of offers signed in Southeast Asia greater than doubled year-on-year and the area skilled a 10x year-on-year improve in RippleWeb transactions.
The area’s unparalleled progress is being pushed by sturdy momentum with current RippleWeb clients together with Siam Commercial Bank (SCB) in Thailand. As the nation’s largest financial institution when it comes to market capital, SCB accomplished over half one million transactions on RippleWeb in 2020 — a 300% progress for inbound remittance quantity and 500% outbound remittance progress year-on-year. The financial institution’s SCB Easy app which runs on RippleWeb, permits clients to ship cash in real-time and with low value to household and associates overseas from their cell phones.
SCB makes use of RippleWeb to connect with monetary establishments world wide, which opens up extra corridors to serve extra clients shortly and simply. In 2020, the financial institution established eight new connections on RippleWeb — certainly one of which is with BKK Forex, a completely licensed remittance and overseas trade firm in Singapore.
BKK Forex is related to SCB and monetary options supplier DeeMoney through RippleWeb Cloud to course of SME and remittance funds from Singapore to Thailand, and is ready to learn greater than 45,000 Thai nationals residing in Singapore who ship cash dwelling continuously. Using RippleWeb Cloud, BKK Forex can ship and obtain funds between monetary establishments with one straightforward integration to course of cross-border funds immediately, reliably and cheaply—fully on the cloud.
Joining BKK Forex and dozens of different monetary establishments who’re already operating RippleWeb Cloud is iRemit, the most important non-bank remittance service supplier within the Philippines. As an early adopter of RippleWeb’s On-Demand Liquidity (ODL) answer, iRemit leverages the digital asset XRP as a bridge forex to get rid of the necessity for pre-funding in cross-border funds. As a end result, sending funds into one of many prime remittance locations globally is quicker and cheaper than conventional fee methods.
If you’re a financial institution or monetary establishment involved in becoming a member of RippleWeb, contact us at the moment.