One of the biggest banks in India is now a member of Ripple’s growing network of financial institutions.
HDFC Bank, which offers a diverse set of financial products and services to more than 43 million customers, will become one of Ripple’s biggest clients in the region, according to Ripple’s global head of strategic accounts, Marcus Treacher.
In a new interview on The Jay Kim Show, Treacher names a long list of clients now using Ripple’s technology to move money across borders.
“I can call out SBI Remit in Japan – a phenomenal partner of Ripple.
Coinone in South Korea. It’s great. A fantastically tremendous partner. Siam Commercial Bank and Standard Charter Bank in [your] hometown, Singapore. Many of the Indian banks we work with: IndusInd, Kotak, YES Bank, Axis Bank — recently one, HDFC in India.
QNB in Qatar, Saudi British Bank in Saudi Arabia. We’ve got NCB, Saudi Arabia, Al-Rajhi Bank. So there’s a very long list of very powerful players.”
Ripple is making a major push in India.
Last year, the company’s senior vice president of product, Asheesh Birla, said Ripple has likely already cornered half of India’s market.
“We looked at – where’s the future? And so we realized in the next five years, one billion people will become banked in India, but they’ll be banked through their phone. So then we started targeting mobile phone providers and telcos.
And so now, I think that in our pipeline we have probably 50% of the market in India, either integrated onto Ripple or in the deal, in the sort of pipeline to be signed to India. And guess what, we’re going to take that back to Wells Fargo, and we’re going to say ‘there’s not a better way to send into India than Ripple.”
HDFC Bank reached a market cap of $97.6 billion after its shares soared to a 52-week high on November 14. The company is headquartered in Mumbai, with 4,729 branches and 12,259 ATMs as of 2017, according to Business Standard.
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