Blockchain company Ripple Labs has appointed a new Managing Director to head Southeast Asia—an important market for the firm. The newly appointed MD is Brooks Entwistle who is a former Uber executive.
The Newly Appointed Ripple MD
Speaking about the new appointment, RippleNet General Manager Asheesh Birla, said the company needed region-specific knowledge, which Entwistle would bring as Ripple negotiates with banks from various countries in Southeast Asia.
Birla expressed optimism and excitement about getting Entwistle on board to lead and further Ripple’s growth in the region.
Before now, Entwistle had served in several capacities. One of which is as a Chief Business Officer International for Uber, leading the firm’s growth and navigating regulatory issues throughout the Asia Pacific.
He has also worked as Chief Executive Officer at Everstone Capital, a private equity and real estate investment firm. The New Ripple MD has previously spent two decades at Goldman Sachs, operating as partner and chairman, where he spent 22 years in various capacities, including 15 years based in Asia.
Entwistle holds a bachelor’s degree from Dartmouth College and a master’s degree in Business Administration from Harvard Business School. He is currently a Board member of The Aspen Institute, EmancipAction, Telluride Mountainfilm, and Young Life.
Ripple’s Southeast Asia Expansion
Despite Ripple’s ongoing lawsuit with the United States Securities and Exchange Commission (SEC), Ripple continues to expand in Asia. The recruitment of a market veteran for its growth market is critical for Ripple in light of its issues with the SEC.
The blockchain firm has continued to grow in Asia despite its legal woes in the US.
This comes as no surprise as Ripple Labs CEO Brad Garlinghouse said the firm’s Southeast Asian businesses were unaffected by America’s events.
Garlinghouse said the Asian market had been positive and full of growth so far. One of the reasons Garlinghouse gave to why there haven’t been any fallout in the Asia-Pacific (APAC) region markets is due to the good standing the company has with the regulators.
Ripple has a huge commanding market share in Southeast Asian countries. The company is also part of a joint venture with Japanese conglomerate SBI Holdings called SBI Ripple. This JV firm is at the heart of numerous projects, including a Ripple-powered payment corridor in Asia.
Last year, Ripple expanded further into Southeast Asia by partnering with Deemoney, a major fintech company in Thailand. The fintech house uses RippleNet (Ripple’s global financial payments network) to facilitate outbound transfers from Thailand.
According to Ripple, Southeast Asia transactions grew by 10x in 2020, driven by existing RippleNet customers and new connections. It is infact the fastest growing region on RippleNet as the number of deals signed in Southeast Asia doubled year-on-year and the region experienced a 10x year-on-year increase in RippleNet transactions.