Ripple’s Bold Move in Southeast Asia
In a bold and strategic maneuver, Ripple has appointed Brooks Entwistle, a former Uber executive, to lead its expansion efforts in Southeast Asia. Announced on March 18, this decision highlights Ripple’s commitment to growing its influence in a region rich with potential for financial innovation.
Meet Brooks Entwistle
Brooks Entwistle isn’t just another face in the crowd; he brings a wealth of experience from his tenure at Uber as their chief business officer, where he successfully navigated regulatory challenges and spearheaded growth across the Asia Pacific. With two decades at Goldman Sachs under his belt as a partner and chairman, Entwistle enters Ripple with a robust understanding of the financial landscape.
Determined Expansion Despite Legal Hurdles
Ripple is charging forward with its plans for expansion, undeterred by the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC). In early March, Ripple Labs CEO Brad Garlinghouse asserted that the company’s efforts in Southeast Asia would remain unaffected by any legal battles, showcasing the firm’s resilience in the face of challenges.
The RippleNet Advantage
RippleNet, a proprietary network designed specifically for financial institutions and payment processors, operates independently of the XRP coin. This distinction means that the dynamics of one do not significantly impact the other. Such an arrangement positions Ripple uniquely in fostering international transactions without the constant cloud of market volatility.
The Road Ahead
Asheesh Birla, general manager of RippleNet, emphasized the importance of region-specific expertise when working with different banks in Southeast Asia. The region’s payments ecosystem is notoriously intricate, packed with diverse, country-specific schemes that require careful navigation.
“Southeast Asia’s payments ecosystem is extremely dynamic with fairly complex, country-specific schemes which require a lot of in-depth knowledge,”
Birla remarked, expressing excitement over Entwistle’s leadership as Ripple intensifies its growth efforts.
Looking Back at RippleNet’s Growth
In 2020, RippleNet saw transactions soar tenfold year-on-year. However, in a surprising twist, MoneyGram—one of RippleNet’s flagship partners—parted ways with the network. At the time, Garlinghouse attributed the split to regulatory uncertainties fostered by U.S. lawmakers, implying that the SEC’s actions may have contributed to MoneyGram’s departure.
Conclusion
Ripple is clearly in the game for the long haul in the Southeast Asia market. With the appointment of a seasoned professional like Brooks Entwistle, the firm is set to navigate the region’s complexities while aiming for remarkable growth, all while keeping an eye on the ever-evolving regulatory landscape.
