Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 8-27-24
Good Afternoon Dinar Recaps,
RIPPLE Partner Nium Adopts JP. Morgan Payments: Is an XRP integration in the Works?
▪️J.P. Morgan discloses that Nium made a breakthrough in its global expansion following a strategic partnership that made its real-time solutions available for use.
▪️Nium operates in more than 220 countries, and its cards are issued to more than 30 countries globally.
Ripple’s partner, Nium, known for seamless real-time cross-border payments for financial institutions worldwide, earlier sealed a strategic partnership with J.P Morgan Payments.
According to reports, this development has enabled the Singapore-based fintech to navigate the complex regulatory structure in Asia Pacific that initially acted as a headwind against its expansion.
As multiple sources have captured, Nium leverages J.P. Morgan Payments customized solutions, including real-time and automated cross-currency solutions, to offset the foreign exchange risk associated with its cross-border and cross-currency transactions.
According to Nium, the provided solutions have helped it address the issue of exchange rate fluctuation and long-term shifts, which threatened its financial stability, customer demand, and profitability.
Nium has also been assisted in optimizing its banking set-up to experience the necessary upgrade critical for its expansion. Most importantly, this was achieved by capitalizing on JP Morgan’s global infrastructure and resorting to local best practices.
More on the Impact of J.P Morgan on Nium
Commenting on this, the Head of Compliance APAC, Nium Joey Tang, explained how J.P. Morgan’s experience has been crucial in its journey to the top.
We need a trusted bank that can help us navigate through complex currency restrictions and provide scalable solutions that can be easily extended to new markets. This gives us the flexibility to grow our business. J.P. Morgan Payments is our natural choice.
An official report was found on the JP. Morgan’s website mentions that the collaboration has enabled Nium to witness unimaginable expansion and growth, as it operates in more than 220 countries.
Also, it has issued cards to over 30 countries so far. In the future, Nium, assisted by JP. Morgan, would solve its existing payment challenges and unlock the full potential of the global economy.
Also, the possibility of Nium going public, as we reported last year, is still high as the company records growth in several areas of its operation.
According to Anupam Pahuja, the EVP and General Manager of APAC & MEA, Nium, the company would continue to expand as long as it closely collaborates with the bank.
Nium has grown rapidly in recent years, and we’re excited to continue expanding globally with J.P. Morgan Payments as our trusted ally.
Following this publication, XRP enthusiasts have rekindled hopes that the popular bank could collaborate with Ripple to expose the asset to similar breakthroughs.
Long time #Ripple partner Nium has begun using JPMorgan Payments to better serve their customers with collections and global FX rails. This would seem to be an alternative to #Ripple products or perhaps just additional rails for Nium’s platforms.
Last year, a JP. Morgan’s report captured how banks could leverage Central Bank Digital Currencies (CBDCs) for corporate purposes. The report highlighted Ripple, SWIFT, and the CLS Group as the entities that address the issues of such payments and delays.
Specifically, the bank acknowledged the real-time nature of the cross-border payment infrastructures that use XRP as a settlement instrument. However, it highlighted the inherent volatility issue of Ripple’s system.
High volatility of XRP leading to limited willingness from banks in using it to facilitate payments.
@ Newshounds News™
Source: Crypto News Flash
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MOSCOW TO HOST 6TH INTERNATIONAL MUNICIPAL BRICs FORUM
MOSCOW, August 27. /TASS/. The 6th International Municipal BRICS Forum will be held in Moscow’s Expocenter on August 27-28, 2024, the press service of the Moscow Department of Foreign Economic and International Ties said.
"The forum will be the largest international floor, where representatives of government authorities and the business will share the advance experience and discuss key issues of municipal cooperation," the press service said.
Delegations from 126 countries are expected to take part in the forum along with representatives of Russian regions. More than 5,000 participants from 500 cities of the world will discuss:
▪️current economic problems
▪️digital technology spheres
▪️environment
▪️municipal infrastructure
▪️transport
▪️healthcare
▪️education
▪️culture
@ Newshounds News™
Source: TASS
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@ Newshounds News™
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