• The Australian Freight & Trade Alliance (FTA) is considering a partnership with Ripple, a fintech company known for blockchain-based payments. 

• FTA Director Paul Zalai, though not a blockchain expert, is open to collaboration with Ripple. 

In a recent interview, Paul Zalai, Director of the Australian Freight & Trade Alliance (FTA), alluded to a possible partnership with Ripple, the well-known fintech company from San Francisco, celebrated for its blockchain-driven payment solutions. Although Australia’s international trade sector has noticed this collaboration, no formal announcement has been made.

Paul Zalai, Director of the Australian Freight & Trade Alliance (FTA), recently interviewed La Chang from the TGL YouTube channel. During the discussion, Zalai admitted his limited comprehension of blockchain technology but mentioned his son’s investment in Ripple (XRP), a cryptocurrency associated with the fintech giant.

Zalai shared that Ripple Labs had previously approached the FTA while embroiled in a legal dispute with the US Securities and Exchange Commission (SEC). At that point, the FTA suggested that Ripple revisit the matter once they established regulatory certainty.

I’m not a blockchain expert, but I am aware that Ripple approached us some time ago. However, they were grappling with a legal battle in the US during that period. Eventually, they achieved a favorable outcome in their US court case and approached us again,

Zalai conveyed.

FTA Explores Ripple’s Technology

With the legal obstacles now behind Ripple, the Australian Freight & Trade Alliance is delving deeper into Ripple’s blockchain-driven payment solutions. Representing a multitude of stakeholders in Australia’s international supply chain sector, the FTA is scrutinizing Ripple’s technology.

At a briefing by Paul Zalai, major banks took notice of Ripple’s technology. Zalai emphasized the significant interest expressed by these financial institutions in Ripple’s ability to facilitate real-time cross-border payments and its robust security protocols.

The Australian Freight & Trade Alliance is pivotal in shaping the nation’s trade landscape. With a mission to enhance the profitability of Australian trade entities and a vision of optimizing efficiency in biosecurity and logistics, the FTA aligns with Ripple’s aspirations to enhance cross-border payments.

Notwithstanding past legal challenges involving the US Securities and Exchange Commission, Ripple continues to forge ahead, solidifying its position in the global payment arena. A recent milestone includes securing a complete license to provide digital payment services in Singapore, underscoring Ripple’s determination to expand and diversify its offerings.

What Lies Ahead for Ripple and FTA?

Although a formal partnership between Ripple and the FTA remains pending, Paul Zalai provided insights into potential future actions. Ripple representatives delivered presentations to the FTA in Sydney Harbor, emphasizing interaction with FTA members. Information sessions are on the horizon, enabling members to engage with Ripple’s team and pose queries.

Zalai elaborated that the Ripple delegation arrived and presented at the Sydney Harbor waterfront. The delegation primarily operated from Singapore. Zalai mentioned they would follow up with Ripple. The initial plan involves conducting informative sessions. Afterward, they intend to facilitate engagement between the Ripple team and the FTA members, allowing members to seek clarifications. 

Ripple’s Role in Cross-Border Payments

Ripple has actively collaborated with numerous entities across the globe. One notable collaboration involves SBI Ripple (XRP) Asia, a strategic partnership comprising XRP, Tranglo, and SBI Remit. This alliance seeks to streamline cross-border remittances in the Philippines, Vietnam, and Indonesia, leveraging its speed and cost-effectiveness.

SBI Remit, a subsidiary of SBI VC Commerce, along with SBI Japan’s crypto-focused branch, is pivotal in handling client payout requests and facilitating cash deposits into beneficiary bank accounts in recipient countries. Ripple’s technology has played a pivotal role in overcoming legal challenges in the US and broadening its remittance corridors.