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Ripple CEO Brad Garlinghouse talked about the opportunities for digital assets and blockchain technology in the ASEAN region. Speaking with IMF’s Deputy General Counsel Ross Leckow, Garlinghouse noted on Monday that the unique regulatory frameworks of the region could help in the creation of game-changing technology that will change the future of global payments.

Leckow asked Brad about the blockchain challenges and opportunities that the ASEAN market present to the private sector. He replied, noting that several markets outside ASEAN are still uncertain about the regulations that could drive digital asset adoption. However, he said that the regulatory environment in ASEAN is clear.

He appreciated countries like Thailand, Singapore, and the Philippines who have stepped ahead of their peers to make clearer regulatory frameworks for blockchain technology and digital assets. Of these three countries, Thailand has already introduced a robust framework for regulating new coin issuances and put adequate consumer protection in place. XRP, Ripple’s native cryptocurrency is now legal in Thailand.

Brad commented:

“This clear regulatory environment makes it easier to apply blockchain and digital asset technology to solve real-world business use cases, such as improving cross-border payments across the ASEAN region. The East Asian markets received $130 billion in inbound remittance payments last year alone. They are expensive, and the market is ripe for adoption of new technology, like blockchain, to drive costs dramatically lower.”

Brad said that the region has historically lagged in correspondent banking. Payment friction is also increasing in the ASEAN region, especially as the global banks are contracting a part of their traditional correspondent relationship.

He further noted that the challenge could be an opportunity as well. For instance, half of Ripple’s global customer base is located in ASEAN. Their Singapore headquarters has brought seen 200 percent growth in the past one year alone.

Leckow also noted that there is a “general openness” in embracing fintech and letting innovation thrive. Fintech companies have been able to engage with the regulators and countries like Thailand, Singapore, Malaysia, and Indonesia are creating regulatory sandboxes to help in fostering a positive environment for the industry. Leckow said:

“Regulators have also been willing to work with the private sector in this region to put frameworks in place when they see a good example of how technology can help solve a real problem, to allow the use case to develop. Cross-border remittance is a good example of a use case that is very important here.”

Ripple CEO Brad Garlinghouse Speaks About Blockchain Use in ASEAN at Singapore Fintech Festival was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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