In a recent interview, Paul Zalai, Director of the Australian Freight & Trade Alliance (FTA), hinted at a potential collaboration with Ripple, the San Francisco-based fintech firm known for its blockchain-based payment solutions.
FTA Director Teases Ripple Partnership
Speaking with La Chang of YouTube channel TGL (Think Global Logistics), Zalai revealed that he doesn’t understand much about blockchain, but his son very much does. “All this blockchain stuff, I don’t get it. I admit it. But I am trying to understand. My 32-year-old son who is a bit more savvy to all this stuff, bought some shares in Ripple [note: Zalai probably means XRP] and he doesn’t gamble with his money easily.”
The Australian Freight & Trade Alliance director further revealed that Ripple Labs had approached his organization some time ago when the court case with the US Securities and Exchange Commission (SEC) was still in limbo and the summary judgment had not yet been handed down. Due to this, the FTA initially rebuffed Ripple and stated that the fintech company should come back when there is regulatory clarity.
“I am not an expert on [blockchain] but I understand that [Ripple] approached us some time ago, but at the time they were fighting a legal battle in the US. And our position to them was, come back once that is sorted out. Anyway, they got a good result in their US court case and they approached us again,” Zalai remarked.
He added that the FTA will now review Ripple’s offerings and “may look to promote their product” to their members. Zalai also praised Ripple’s technology, noting that there was a lot of interest among banks at the meeting in Australia at the time:
From what I can understand, they can generate real-time cross border payments and they seem to have a lot of checks and balances in place. At the briefing, where I was at, there were a lot of representatives from major banks that were very interested in it. So, it’s a real thing. But how that translates to meaningful solutions for our members, we will understand that in a bit more of time.
The FTA is Australia’s leading body for the international supply chain sector, representing a wide range of stakeholders from importers to logistics service providers. With a mission to boost profitability for Australian trade entities and a vision for optimal efficiency in biosecurity and logistics, the FTA plays a pivotal role in shaping the nation’s trade landscape.
Ripple, despite its previous legal challenges with the US Securities and Exchange Commission, has been pushing forward, solidifying its position in the global payment ecosystem. The company recently secured a full license to offer digital payment services in Singapore, further emphasizing its intention to grow and diversify.
What’s Next?
When asked what’s next for a potential collaboration between Ripple and the FTA, Zalai revealed: “The group [from Ripple] came down and presented at the Waterfront of Sydney Harbour. They were all Singapore-based. We will follow back with them. I think we will first do some information sessions. But we will let them engage with our members and our members can ask questions, and then we’ll see where that goes,” Zalai added.
While a formal partnership between Ripple and the FTA is yet to be officially announced, Zalai’s comments highlight the growing interest and recognition of Ripple’s technology in facilitating efficient and transparent cross-border transactions.
At press time, XRP traded at $0.5221.
