Ripple will pilot a use case for cross-border trade settlements with Unloq while participating in the BLOOM initiative by MAS.
Enterprise blockchain solutions Ripple announced its participation in the BLOOM initiative by the Monetary Authority of Singapore (MAS), which stands for Borderless, Liquid, Open, Online, Multi-currency.
Partnering with leading supply chain finance technology provider, Unloq, Ripple will pilot a use
case aimed at transforming cross-border trade settlements. The joint initiative features Unloq’s SC+ trade finance infrastructure while leveraging on Ripple’s XRP Ledger (XRPL) and Ripple USD (RLUSD)
Ripple and Unloq are using digital settlement assets to improve cross-border trade settlement, such as releasing payments only when predefined commercial conditions are met, such as shipment verification.
Fiona Murray, Managing Director, Asia Pacific at Ripple, said: “Singapore continues to take a leading role globally in providing the regulatory clarity necessary for the digital asset space to thrive. Ripple is incredibly excited to be part of BLOOM, an initiative that perfectly aligns with our commitment to compliant, real-world utility for blockchain technology.
Letitia Chau, President and Chief Risk Officer of Unloq, said: “BLOOM represents an important step toward modernising trade finance infrastructure in a controlled and regulated environment. Through SC+, we are demonstrating how digital settlement rails can be integrated into existing trade and financing workflows without disrupting commercial relationships.”
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