Ripple Names Fintech GMT as its Israeli Representative

[PRIBO247]

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.

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 specialises 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.

Source: https://www.financemagnates.com/cryptocurrency/news/