In a blog post, Ripple said that it selected Singapore to support its growing Asia Pacific customers, including Standard Chartered. The company also notes it favored Singapore because of its “publicly stated ambitions to be the world’s leading fintech and innovation hub,” adding that it is “one of the biggest and busiest global trade centers with many large, multinational companies basing their regional treasury offices in the country.”
Dilip Rao, managing director for Ripple APAC said, “As a leading trade and fintech hub, Singapore offers Ripple leverage in the region as we expand our global footprint.” And in fact the company said that it is already experiencing “huge” demand for its blockchain payments solution from local banks and payment providers across the broader region.
This announcement comes weeks after the San Francisco-based company opened an office in Mumbai, India and adds to Ripple’s list of offices in San Francisco, New York, London, Sydney, and Luxembourg.
Last fall, the company appointed Brad Garlinghouse as CEO, who filled the seat of co-founder Chris Larsen. Larsen debuted Ripple (originally known as OpenCoin) at FinovateSpring 2013. In addition to making headlines for its rapid growth during the first half of this year, Ripple also made the news this spring when it partnered with BBVA to complete an international money transfer using RippleNet. In July, Ripple expanded its suite of offerings that support its digital currency, XRP. The company has raised more than $93 million.