Indian multinational financial firm shows interest in Ripple’s technology

  • Infibeam Avenues Limited explicitly references Ripple’s technology in its Q3 annual report in relation to cross-border payments. 
  • The multinational fintech company recently invested in RemitOnline, a Ripple partner.

Infibeam Avenues Limited is an Indian multinational financial technology company that provides digital payment solutions for businesses and e-commerce software platforms for businesses worldwide, has explicitly cited Ripple in its Q3 annual report. The connection via the as-yet-unknown partner for Ripple supposedly comes via RemitOnline.

As esteemed XRP community member @WKahneman reported, RemitOnline is a little-known Ripple partner that Infibeam Ave Ltd recently invested in. The “One-Stop Platform for Banks and Businesses to Launch Remittance Services” section of the report states that the company offers an “end-to-end plug-and-play platform for banking (B2C & B2B) and cross-border remittances and payments.”

Regarding its investment in Ripple partner RemitOnline, the company writes that it made the investment “to capture the huge remittance market globally” and implement “multiple RemTech solutions along the value chain.” In addition, Infibeam Ave writes on the scope of the technologies it offers:

Can be white labelled for banks with blockchain technology to launch cross-border payments, both inward and outward (Kotak Bank, Axis Bank, Yes Bank, Muthoot Fincorp, and many more).

Plug & play end-to-end solution, multi-country multi-currency, real time, low cost asset lite model, Ripple (blockchain) integration.

What is noteworthy about this statement is that Infibeam Ave refers to some of RemitOnline’s customers who are also Ripple partners – specifically IndusInd, StanChart, Yes Bank, Axis and Kotak Bank.

The Indian financial technology company further reports that it has “invested since launch and is confident of seeing robust growth” going forward. The business model is said to enable Infibeam Ave to “gain and grow a strong foothold in the remittance segment globally,” whose market size the company estimates at $625 billion in peer-to-peer and $125 billion in B2B.

As @WKahneman concludes, while it cannot be concluded from the report that Infibeam Ave is relying on Ripple’s technology. However, there are …

some interesting connections. At the very least, Infibeam is now invested in a #Ripple partner and the Q3 report suggests they see this in a positive light.

About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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