Hassan Maishera
Ripple will play a key part in the remittance market between Japan and the Philippines, with the market reportedly worth roughly $2 billion annually.
Ripple expands RippleNet’s market in Asia
Blockchain technology company Ripple announced earlier today that its RippleNet technology would be used to facilitate cross-border remittance between Japan and the Philippines. The move would allow Ripple to play a huge role in the remittance between the two countries, worth approximately $2 billion annually.
In its blog post, Ripple said, “Now, SBI Remit Co., Ltd, the largest money transfer provider in Japan, is teaming up with mobile payments service Coins.ph and digital asset exchange platform SBI VC Trade to transform remittance payments from Japan to the Philippines. Using On-Demand Liquidity, the three will provide faster, more affordable remittance options for customers.”
This is the first Ripple On-Demand Liquidity (ODL) service implementation in Japan, and the company expects it to pave the way for further cryptocurrency adoption in the Asian country. Ripple added that by taking advantage of the XRP coin to eliminate pre-funding, SBI and Coins.ph could free up capital and enhance the expansion of their own payments businesses.
SBI is one of Ripple’s biggest partners. The financial institution stuck with Ripple despite the blockchain firm currently in a legal battle with the United States Securities and Exchange Commission.
Nobuo Ando, Representative Director of SBI Remit, is excited with this latest development, adding that the company sees tremendous potential in leveraging blockchain technology to transform cross-border remittance. “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 just the Philippines, but to other parts of the region as well,” he added.
Ripple is growing bigger in the Asia-Pacific (APAC) region. The region is one of the fastest-growing in terms of e-commerce, mobile population and the rising clarity around cryptocurrencies. This has led Ripple to become one of the dominant cryptocurrency players in the region.
