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[Interview] Ripple SEA Exec on PayID, Remittances, and Central Bank Digital Currencies

We talked to Ripple Southeast Asia head about PayID and his thoughts on remittances, interoperability, and central bank digital currencies.

The post [Interview] Ripple SEA Exec on PayID, Remittances, and Central Bank Digital Currencies appeared first on Bitpinas.

Republished by Plato



Last month, we had an email interview with Kelvin Lee, Head of Southeast Asia at Ripple to discuss its PayID, his insights for the Philippines, as well as what he thinks are the benefits of PayID versus other similar initiatives.

About PayID:

Table of Contents

PayID is a universal payment ID that simplifies the process of sending and receiving money globally across any payment network and any currency. Gopay, Ripple,, Bitpay, Brave, MercyCorps and others have collaborated on the development of PayID through the Open Payments Coalition, a multinational alliance of industry leaders. PayID aims to improve user experience around ID across all payment networks and provide easier entry points for new technologies and new businesses via openstandards/networks.

On the Lack of Notable Partners like PayPal or Square

BitPinas: I notice the lack of what many consider as key platforms – like Paypal or Square. Are you in discussions with them or planning to include them in the future? How about banks?And what could be their incentive for joining PayID?

Kelvin Lee: At launch, the Open Payments Coalition (OPC) brought together 40+ partners from the finance,tech and nonprofit sectors, collectively reaching more than 100 million consumers. While we are excited about ​Sygnum​ being a founding member of the OPC to launch PayID , we are equally excited about the companies — whether traditional financial services to fintech applications, crypto and everything in between — that we know will join soon.

Today, there are hundreds of payment networks and platforms, but services are siloed. For example, users in the Philippines can’t even send money to a DeeMoney account in Thailand, limiting payments to users within a single network. To prevent payments from becoming further siloed and fragmented, the industry needs an open payments network that works for all –and fast, or else the financial services industry risks falling behind to the likes of Google, Apple and others, who already have the potential to connect the masses through payments — but are closed networks.

As an open standard, PayID will be an important step towards building the future of an open payments network, in the Southeast Asia region and around the world. ​As a universal protocol for payments, PayID will effectively reduce friction between disparate financial networks, wallets and payment processes that makes sending and receiving money difficult.

In enabling payments to work like email where a user has a simple, single address that works across any payment network or any currency — be it fiat or digital — PayID creates a free and open common standard for interoperability between payment networks, making it easy for anyone to send money to and from other participating PayID partner networks. For businesses, this means being able to offer their customers a single ID that works across any payment network,thereby increasing their reach to more wallets, currencies and payment platforms

On the Similarities with Libra

It seems like PayID is something the Libra project originally aimed to do, minus the Libra token. How do you differentiate yourself from Libra as well as to other “coalitions” that all want to serve the unbanked and promote financial inclusion for all?

While several solutions to these pain points in payments exist today, the world has yet to settle on a single standard for sending and receiving money. As mentioned earlier, companies with closed networks such as Google, Apple and others have a head start — yet, for every other company and developer to use these networks, there are terms and fees they must accept.

PayID is not just a whitepaper and is live today. While it’s still early stages since launch, millions of users can use it today and 100 million consumers will be able to use it soon. As a free and open standard, any company can use PayID without asking the OPC’s or anyone’s permission and there is no minimum financial investment like Libra’s $10 million prerequisite.

PayID leverages the same web technology and security standards that secures ecommerce and online banking today. Additionally, setting up a PayID server is not only secure, it’s easy. PayID is designed for developers by developers, which means any organization that sends or receives money can integrate a PayID server into their existing web infrastructure and start using PayID in just a few lines of code. A reference implementation of the server is available on GitHub and is fully free to use, along with a variety of tools to make it easy to manage the server after deployment.

PayID was built specifically to help companies comply with FinCEN and FATF requirements. This means that it can also be incorporated by banks,​ digital wallet providers, remittance services, and payment providers or processors, unlike other coalitions.

PayID was conceived as a universal solution for all organisations to send and receive money, regardless of their location, payment network and currency. Through PayID, our goal is to bring the world one step closer to a future where money moves as easily as information.

On Ripple’s ODL Service

How is the ODL service going to work/be integrated with PayID? Will ODL clients be able to integrate PayID easily?

It’s important to note that PayID is not a Ripple initiative but something that is jointly developed by the 40+ launch partners in the Open Payments Coalition (OPC), and benefits any company that needs to send or receive money.

With Ripple being one of the founding members of the OPC, PayID fits into our Internet of Value vision — where money moves as easily as information. Ripple will be supporting PayID in RippleNet, and Ripple’s developer arm, Xpring, will support companies who want to integrate PayID in their products. Some of Ripple’s customers are also part of the OPC, and will be adopting PayID within their services in the near future.

On PayID’s Suitability in the Philippines

Why do you think PayID is suitable for a country like the Philippines?

With the Philippines being one of the biggest remittance receiver countries across the globe, PayID is a simple and hassle-free solution for Overseas Foreign Workers (OFW) to send money home. As more OFWs discover more convenient and faster services, and cheaper ways to send money home, this habit will become permanent as PayID’s solution facilitates these cross-border payments in near real-time — for both senders and receivers.

Generally, while the Philippines has been embracing e-payments and online transactions since 2018, the recent Enhanced Community Quarantine (ECQ) measures have definitely increased demand for e-payments. Even as ECQ measures are lifted in the future, this ​trend is expected to continue​. However, the current payment process is slow and inefficient, and there is a need for a standardised solution. The COVID-19 pandemic has created a unique opportunity to accelerate and sustain the shift to digital payments, and PayID aims to facilitate this by breaking down silos in the payment process, unifying a fragmented payments network.

On Central Bank Digital Currencies

Some countries are investigating whether or not to launch Central Bank Digital Currencies. Do you think this will have a positive or negative effect on the PayID initiative?

CBDCs are exciting and we applaud the central banks for pursuing this research. While CBDCs are still in the research stage with many unanswered questions, we are encouraged by such initiatives as the potential is huge.

PayID’s potential to unite the many closed payment networks that exist today is huge as well. It can be adopted at the national level, and PayIDs can be assigned to individuals the same way a national ID number would — but that ID is instead used solely for payments. PayID can also be used for either fiat currencies or digital assets, which include CBDCs.

On Additional Fees

Will the user be imposed additional fees because the payment platform of their choice will use PayID?

PayID is a universal payment identifier that uses a simple, open standard to help individuals easily send and receive money. PayID does this by creating a free and open common standard for interoperability between payments networks.

You can think of PayID as enabling payments to work like email, ​by replacing complicated account numbers or wallet addresses, with names that are easy to read and remember. With PayID, ​a user has a simple, single address that works across any payment network or any currency — whether fiat or digital. It could be as simple as — for example, Kelvin$ sending money to Michael$

Like email addresses, PayID abstracts underlying rail details from users — whether sending crypto or fiat — to simplify the process of sending and receiving money today. This is important because while there are currently a variety of identifiers being used for payments –including email, biometric IDs, national IDs and phone numbers. They however contain information that is either too confidential to be used for payments (biometric IDs), or are prone to cybersecurity risks/phishing (emails). Therefore, it is crucial for a universal ID to be created solely for payments.

About Kelvin Lee, Managing Director for SouthEast Asia at Ripple:

Kelvin has recently been appointed by Ripple, the enterprise blockchain solution for global payments, as its new head of its Southeast Asia operations in March 2020. He oversees the firm’s expansion across the region and leads efforts to drive the growth of its customer base.

Kelvin has vast experience in the banking and financial services technology industry. He has over 18 years of leadership experience across Asia Pacific, Europe, Middle East, and Africa with extensive knowledge in financial payments (B2B, B2C, C2B, P2P and national payment networks), fraud abd risk management, data solutions and online mobile banking solutions.

Prior to joining Ripple, he was the Vice-President, Head of Enterprise Security Solutions and Network Solutions in Southeast Asia for Mastercard from 2016 to 2020, where he led both regional country and functional teams to drive strategic wins on agnostic processing services. He also held senior executive positions at companies including Visa, Fidelity National Information Services, Inc. (FIS), and Applied Communications, Inc. (ACI) Worldwide.

About BitPinas:

BitPinas is an independent blockchain, finance, and cryptocurrency news site covering the crypto and blockchain news and developments in the Philippines. We aim to be the website where you can find all information on blockchain and crypto in the Philippines. We are read by investors and enthusiasts alike, including crypto/blockchain company founders and government personnel. Contact for more information, consulting advice, and partnerships. Follow us on Facebook and Twitter.

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US House Financial Services Chair Waters Recommends Joe Biden Rescind OCC Crypto Guidance

House Financial Services Chair Maxine Waters told President-elect Joe Biden to undo the OCC’s crypto guidance after he takes office next year.




U.S. Representative Maxine Waters, who chairs the powerful House Financial Services Committee, recommended that President-elect Joe Biden rescind or monitor all of the cryptocurrency-related guidance issued by the Office of the Comptroller of the Currency.

In a letter sent to the incoming president Friday, Waters wrote that her committee has “conducted extensive oversight” over President Donald Trump’s administration, and listed a number of actions Biden’s administration could take to undo what she described as the harms of Trump’s term.

Waters’ comments come weeks after other Financial Services Committee members, including Reps. Rashida Tlaib and Jesus “Chuy” Garcia criticized Brooks’ crypto-related actions during the COVID-19 pandemic and just days after the lawmakers introduced a bill that would require stablecoin issuers to seek bank charters and regulatory permission to introduce stablecoins.

“As you begin to carry out the mandate given to you by the American people to restore trust in the federal government, I would like to highlight several areas where you and your team should immediately reverse the actions of your predecessors,” she wrote.

She also recommended that Biden monitor the OCC’s advanced notice of rulemaking around digital activities conducted by banks and the public input period.

“Your appointed officials at the Office of the Comptroller of the Currency (OCC) must also not assume, as their predecessors have, that a law Congress passed over 150 years ago somehow gives, them authority to provide a national bank charter to non-bank fintech or payment companies,” she wrote.

Each of these recommendations would undo work conducted by Brian Brooks, the Acting Comptroller of the Currency. Brooks was recently nominated to serve a full five-year term by Trump.

Under a section on financial stability, Waters wrote that the Financial Stability Oversight Council and Office of Financial Research should publish their analysis on developments and the existing regulatory framework around digital assets and distributed ledger technology.


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Intellectual Capital Firm Calls XRP One of the Most Intriguing Assets in Crypto

The publicly-traded risk management firm FRMO Corp. is making the case for XRP. In its latest letter to shareholders, the firm outlines its bullish stance on the crypto markets and specifically outlines XRP as a unique digital asset due to the fact that it’s not mined and is deflationary in nature. “XRP, itself, is one of the […]

The post Intellectual Capital Firm Calls XRP One of the Most Intriguing Assets in Crypto appeared first on The Daily Hodl.




The publicly-traded risk management firm FRMO Corp. is making the case for XRP.

In its latest letter to shareholders, the firm outlines its bullish stance on the crypto markets and specifically outlines XRP as a unique digital asset due to the fact that it’s not mined and is deflationary in nature.


“XRP, itself, is one of the more intriguing currencies, as it is explicitly deflationary. There is a modest cost for transacting in XRP, which is not actually paid to any intermediary. The fee, which is a very small fraction of a unit of XRP and which is used to protect the network, is simply destroyed. Therefore, the number of XRP units is constantly decreasing.”

XRP has a total supply of 100 billion coins, and each time an XRP transaction is sent, 0.00001 XRP is burned. The firm says that could become a factor in XRP’s value proposition if the coin is widely adopted in the mainstream.

“If the transaction velocity of XRP were to rise greatly, the number of currency units would decline greatly, thereby creating a substantial return even if the coin itself did not experience an increase in market capitalization. It would, however, experience an increase in value per unit.”

FRMO says its private partnership investments now hold positions in Bitcoin and many of the top 10 largest crypto assets by market cap.

The firm is also mining Ethereum (ETH), Ethereum Classic (ETC), Zcash (ZEC), Litecoin (LTC) and Bitcoin Cash (BCH).


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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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America Is Beating Asia for Once in the Field of Crypto Trading

Bitcoin is growing like there’s no tomorrow, and for once, it looks like Asia is being beaten out by North America in terms of cryptocurrency love and adoption. North America Is Becoming Number One More coins and cryptocurrencies are flowing into North American exchanges than into Asian exchanges. This is an odd occurrence considering Asia

The post America Is Beating Asia for Once in the Field of Crypto Trading appeared first on Live Bitcoin News.




Bitcoin is growing like there’s no tomorrow, and for once, it looks like Asia is being beaten out by North America in terms of cryptocurrency love and adoption.

North America Is Becoming Number One

More coins and cryptocurrencies are flowing into North American exchanges than into Asian exchanges. This is an odd occurrence considering Asia has typically outdone all other regions in terms of crypto appreciation. There was a time when South Korea accounted for more than one-quarter of the world’s crypto transactions, and no doubt China has been the biggest influencer in the space.

But as of late, North America is moving up the financial ladder and proving itself to be a major hub for crypto trading. In fact, weekly inflows to American exchanges have surged by more than 7,000 times what they were at the beginning of the year. Overall, 216,000 bitcoins – worth approximately $3.4 billion at the time of writing – made their way into American exchanges in mid-November.

Ciara Sun – a representatives of Huobi Global Markets in Seychelles – commented in a recent statement:

The sudden influx of institutional interest from the North American region is driving a shift in bitcoin trading, which is rebalancing asset allocations across different exchanges and platforms.

Some are claiming, however, that the call of North America as a leader in the crypto space is coming a bit early. Chainalysis figures show, for example, that East Asia is still a major exporter of crypto funds, and still serves as one of the largest regions for digital asset activity. In addition, many others claim that regulation in Asia is quite different than what it is in North America. This puts a dent in the overall figures, and they claim that it cannot be deciphered just yet which one is more dominant.

Curtis Ting of the U.S. exchange Kraken in San Francisco explained:

You’re increasingly starting to see distinctions in the market between those that have no regulatory or little regulatory clarity versus those that do. Larger institutions seek the predictability that a regulated venue offers.

Putting this aside, however, Chainalysis shows that the activity occurring in major North American exchanges – i.e. Coinbase, Kraken, etc. – is considerably larger than what’s happening in Asian exchanges. In the past, North America has edged forward like this, but never by such a big margin.

It is estimated that approximately 1.6 million in bitcoin is making its way into North American trading platforms each week. By contrast, Asian exchanges are seeing only 1.4 million units.

Regulation Is the Key

At this stage, it looks like America is offering a stricter, more regulated environment, which appears to be attracting larger traders. Christopher Matt of 3iQ in Canada states:

A lot of U.S. funds are trading with large U.S. counterparties. It tells you right there how important the regulatory nature of the space is and having venues to trade on that are regulated.

Tags: Asia, bitcoin, North America Source:

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