Ripple said on Tuesday it is pursuing an Australian Financial Services Licence (AFSL). It is a move to expand its regulated business footprint in the Asia-Pacific region.
Ripple plans to secure the licence through the acquisition of BC Payments Australia. Once the acquisition process is completed, Ripple plans to operate an integrated platform that directly manages the entire transaction process, from funding and foreign exchange to liquidity management and final payment. The structure uses both existing banking networks and digital assets.
Ripple stressed that after obtaining the licence, it will be possible to optimise payment routes, shorten settlement times and reduce counterparty risk, meaning corporate customers will not need to separately manage multiple intermediaries or handle blockchain technology themselves.
Fiona Murray (피오나 머레이), Ripple's managing director for Asia-Pacific, said, "Securing the licence is at the heart of Ripple's strategy." She added, "Australia is an important market for Ripple, and the licence has enabled us to expand Ripple Payments across the region."
Chi-gyu Hwang
delight@d-today.co.kr