Adrian Yap, Co-Founder, and CEO of Money Match opined that when dealing with foreign suppliers, SMEs do not have much choice other than to accept the same rates. He stated that they worked with Ripple to create an improved cross-border payment process, which provides these customers with better rates and faster transaction times.
Ripple Retweeted: “As the country’s traditional financial institutions were charging high FX rates on the smaller volume transactions, MoneyMatch partnered with @Ripple to offer cheaper and faster payments to more than 120 countries”. #FinTech #RippleNet – Adrian Yap, CEO of @moneymatchapp.”
This is a good move because banks tend to prioritize enterprise customers when compared to the SMEs. High-Cost FX transactions were generating a lot of revenue from the high-cost FX transactions. This is the major gap that Money Match set to deal with. Lower price and simple methods to send money abroad is a boon for SMEs, and this, in turn, will benefit the companies facilitating the same.
Money Match stated that they were a small startup from Malaysia and that they were not at the top of the mind for the rest of the world. They knew that they had to develop relationships with banks and with payment providers from across the world.
Sydney Ifergan, the crypto expert, tweeted: “Developing relationships with banks and payment providers from across the world is crucial for remittance services. It is good that Ripple XRP can make that happen for startups.”
Ripple XRP Deliver the best for SMEs
Money Match states that SMEs start with low-value transactions and are rightly cautious with their money. Further stated that once they were convinced about how much they were saving, they were making 4 to 5 larger payments every month.
With time, SMEs will be able to appreciate the benefits of same day settlements, ranging from helping with cash flow management through getting better terms from their suppliers.
Ripple XRP thanked everyone on the frontlines in the process of helping communities get through this crisis.
Yet something interesting is that Singapore has permitted Ripple XRP to gain trust for their fast and easier remittance. Predictions of XRP that was made years ago is now becoming a reality, and things are falling in place. Several investors are going all in.
XRP is continuing to do the job of bridging direct transfers of assets between parties. The transfers are instant (4 sec), and they are extremely inexpensive, unlike swift.
The current trend is pushing all things to go digital, and several payments will also have to go digital and, importantly cross border small value payments. Ripple XRP ready.
