India’s Axis Bank uses RippleNet to facilitate payments between Singapore and the UAE
The Singapore-India trade corridor is worth $15 billion annually. Retail remittances between the UAE and India – thanks to the large Indian workforce in the UAE that send a significant proportion of their salaries home every year — amounts to nearly $12.6 billion annually.
To meet this increasing demand for real-time payment services, Axis Bank (based in India), Standard Chartered (Singapore), and RAKBANK (United Arab Emirates) will now use RippleNet to send live, fast, frictionless cross-border payments.
SOURCE: Ripple Insights