SINGAPORE (Jan 21): Ripple, a remittance system built upon blockchain technology, is set to revolutionise the way money is being moved across borders. Promising a faster, more secure and cheaper way of remittance, Ripple is said to provide a “frictionless money remittance experience for users”.

“Using Ripple software for remittance is no different from what is going on now, as banks have always been trading with each other. It’s just changing the software they do remittance with,” says Cory Johnson, chief market strategist for Ripple, in an exclusive interview with The Edge Singapore.

As companies expand overseas, they have to set up bank accounts in the respective countries they do business in and put money in them, as they cannot rely on traditional remittance methods to quickly transfer the money over when needed.

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