Cryptocurrency and digital network payment network Ripple is a partnership with remittance company SBI Remit and Coins.ph. A new partnership with Japan’s SBI Remit to transform remittance payments from Japan to the Philippines.
Ripple Labs announced “the launch of Ripplenet’s first live On-Demand Liquidity (ODL) services in Japan” in partnership with SBI Remit Co. Ltd. and Coins.ph.
SBI Remit Co. Ltd. One of the largest money transfer provider of Japan, teams with Coins.ph, a leading mobile wallet service in the Philippines. The Philippines has more than 5 million of its citizens living, and the Filipino diaspora is one of the ten most significant in the world.
The Filipino diaspora third most extensive in Japan sent a total of $1.8 billion between the Philippines and Japan. According to The World Bank, remittances from Japan incurred an average of 10.5% in fees. By way of comparison, remittances sent from G8 countries are in neighbourhoods of 5.92%.
“This Ripple’s first On-Demand Liquidity (ODL) service implementation in Japan setting the stage to drive more adoption of crypto-enabled services in the region,” Ripple said. “By leveraging the digital asset XRP to eliminate pre-funding, the two companies can also free up capital and accelerate the expansion of their own payment businesses.”
Nobuo Ando, representative director of SBI Remit, stated: “The launch of ODL in Japan is just the start and we look forward to continuing to push into the next frontier of financial innovation, beyond real-time payments in June the Philippines, but over parts of the region as well.”
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Ripple plans to expand in Asia
ODL uses Ripple’s xRapid cross-border payment service and allows customers to transfer funds using XRP, making transactions faster and cheaper. Ripple intent to expand its services for the Asia-Pacific(APAC) market as it continues to see transaction growing 130% year-over-year.
The news also comes on the heels of similar partnerships with companies like Novatti and Tranglo. Recently Ripple hiring of finance and technology veteran Brooks Entwistle as Managing Director of Southeast Asia.
