GMT, the largest financial services company in Israel, announced this Monday that it has been selected as the Israeli representative for Ripple, an American blockchain-based payments fintech company.
Ripple, which has offices in New York, London, Sydney, India, Singapore, and Luxembourg is based on blockchain technology which facilitates immediate global payment transfers that are documented, through RippleNet.
Discover iFX EXPO, Your Gateway to Asian Markets!
RippleNet is a blockchain-based cross-border payment network. The company has managed to develop services which can transfer money faster and cheaper than the legacy system SWIFT. These services have been tested by some of the biggest companies in the world, and Ripple claims that more than 100 financial institutions in tens of countries have signed up to RippleNet already.
According to the public statement released by GMT, the selection of GMT as Ripple’s representative in Israel follows a “long and precise” process: “GMT was chosen to be Ripple’s representative in Israel, by so joining Ripple, and its partners, in creating a global financial system, with high-end technology and values such as; transparency and affordable costs.”
Specifically, GMT joins companies like MoneyGram, AmericanExpress, CIBC, Earthport, AKBANK and more. The Israeli company was founded in 2001. It is the top fintech company in Israel. It offers both local and international services and specializes in foreign exchange, medical insurance for tourists and foreign workers, prepaid card, among others.
“This partnership is establishing GMT’s place in the forefront of the Israeli Fintech industry, also allowing us to work side by side with some of the leading companies in the world,” the statement said.
CIMB Group Joins Ripple
In November, Finance Magnates reported on another collaboration with Ripple, this time featuring CIMB Group, the fifth largest bank in the Association of Southeast Asian Nations (ASEAN).
According to the statement released at the time, the strategic partnership was formed to facilitate instant cross-border payments across CIMB’s markets. Under the agreement, CIMB will connect to Ripple’s other customers, allowing the bank to grow its payments business at a faster rate.