Ripple is pleased to welcome Brooks Entwistle as Managing Director for Southeast Asia to lead and scale the company’s operations in our fastest growing region.
Brooks is joining RippleNet, which now includes Singapore-based remittance company BKK Forex, at an exciting time, expanding Ripple’s rapidly growing customer base in the region including Siam Commercial Bank, iRemit, DeeMoney and others. BKK Forex joins Ripple’s global financial network to process SMB and wire transfer payments from Singapore to Thailand.
Financial and tech veteran joins Ripple
Brooks Entwistle is headquartered in Southeast Asia in Singapore and has three decades of senior management experience in both the financial services and technology industries, with the goal of driving the adoption of digital assets and blockchain in the region. His appointment comes at a time when we are deepening and expanding our presence in this dynamic region for RippleNet, which includes 14 countries.
Most recently, Brooks led the regional growth strategy as Chief Business Officer (International) at Uber to lead the company into new markets and master the regulatory challenges in the Asia-Pacific region. Prior to joining Uber, he was with Goldman Sachs for over two decades and was a partner and chairman of the bank’s Southeast Asia operations.
Asheesh Birla from Ripple, General Manager of RippleNet, explains: “The payments ecosystem in Southeast Asia is extremely dynamic and has quite complex, country-specific systems that require a lot of in-depth knowledge. The introduction of RippleNet among the many fintechs, payment service providers and SMEs in the region makes Southeast Asia our largest market for customer demand and transaction growth. We are excited to welcome Brooks as prosecutor as Ripple redoubles its efforts to fuel our phenomenal growth in the area. “
“I am very excited to be joining Ripple to expand the company’s presence in this key region. Joining an industry leader like Ripple, who has helped build and scale businesses in both financial services and tech industries for the past 30 years, was an obvious choice – and even more so, given the convergence between finance and technology in a region on the verge of extinction Accelerating payment innovation. I look forward to leading this talented team as we advance the future of finance with the launch of RippleNet in Southeast Asia and beyond, ”says Entwistle.
Southeast Asia transactions increased 10-fold in 2020
With the ongoing pandemic lowering the barriers to adopting digital payments, Southeast Asia has become the fastest growing region on RippleNet. In 2020, the number of contracts signed in Southeast Asia more than doubled year over year, and the region saw a 10-fold increase in RippleNet transactions year over year.
The region’s unprecedented growth is being driven by the strong momentum of existing RippleNet customers such as Siam Commercial Bank (SCB) in Thailand. As the country’s largest bank in terms of market capital, SCB completed over half a million transactions with RippleNet in 2020 – a growth of 300% for the volume of incoming transfers and a growth of 500% for outgoing transfers compared to the previous year. With the bank’s SCB Easy app, which runs on RippleNet, customers can send money to family and friends abroad in real time and at low cost from their mobile phones.
SCB uses RippleNet to connect to financial institutions around the world. This will open more corridors to serve more customers quickly and easily. In 2020, the bank made eight new connections on RippleNet – one of them with BKK Forex, a fully licensed wire transfer and foreign exchange company in Singapore.
BKK Forex is connected to SCB and financial solutions provider DeeMoney via the RippleNet Cloud to process SMB and remittance payments from Singapore to Thailand and is expected to benefit more than 45,000 Thai nationals residing in Singapore who send money home frequently. With the RippleNet Cloud, BKK Forex can send and receive payments between financial institutions with a simple integration to process cross-border payments instantly, reliably and inexpensively – completely in the cloud.
BKK Forex and dozens of other financial institutions already running RippleNet Cloud include iRemit, the largest non-bank remittance service provider in the Philippines. As an early adopter of RippleNet’s on-demand liquidity solution (ODL), iRemit uses the digital asset XRP as a bridge currency to eliminate the need for pre-financing for cross-border payments. As a result, sending payments to one of the world’s leading wire transfer destinations is faster and cheaper than traditional payment systems.
If you are a bank or financial institution interested in joining RippleNet, contact us today.