Mercury on Tuesday announced that it has been accepted into the first cohort of South Africa’s Intergovernmental Fintech Working Group (IFWG) Regulatory Sandbox for its work in partnership with Ripple and cryptocurrency exchange VALR. This is a big step toward bringing fintech innovation to the region.
The aim is to shorten the money transfer window by using RippleNet’s On-Demand Liquidity (ODL) service and the digital asset XRP. The process can be put to greater use especially in a vast continent like Africa.
“The IFWG exists to facilitate the role of fintech and innovation in the South African financial market. More than 50 companies applied to be part of this inaugural Regulatory Sandbox, with Mercury being one of the final six chose,” Mercury said.
Mercury, being a Ripple partner, will leverage XRP for more efficient cross-border payments into the region.
This announcement made clear Mercury’s belief in the future of blockchain-based money transfer and its goals for dramatically cutting the time and cost of sending money into and out of South Africa using RippleNet and on-demand liquidity (ODL).
Ripple as Mercury’s partner said it is honored to be part of this transformation of remittances and international payments within Africa in partnership with innovative partners like Mercury. “We are committed to supporting similarly important efforts around the world and working closely with regulators to ensure their success,” it said.