Ripple, the San Francisco-based cross-border payment firm, has partnered with SBI Remit, the largest money transfer provider in Japan, mobile payments service Coins.ph and digital asset exchange platform SBI VC Trade, to use the digital token XRP for remittances between Japan and the Philippines.
According to the report, the partnership is Ripple’s first on-demand liquidity (ODL) service in Japan. And through this, SBI Remit, Coins.ph, and SBI VC Trade will be able to leverage XRP as a bridge currency for faster and cost-efficient cross-border payments.
This new development indicates that Ripple has remained steadfast with its course despite its ongoing legal battle with the United States Securities and Exchange Commission (SEC). The firm has not stopped taking major steps to take its business, especially in the Asia-Pacific region, to the next level.
Similarly, the Philippines has millions of its citizens living abroad, making the country Ripple’s target. In Asia, the Philippines is the third-largest remittance-receiving country after the two most populous countries in the world, China and India.
Reacting to the new development, the general manager of RippleNet at Ripple, Asheesh Birla, said:
“The expansion of our relationship with SBI Remit to kickstart RippleNet’s ODL service in Japan marks a major milestone in one of our largest markets. SBI Remit has been a leader when it comes to embracing new technology to deliver the best customer experience.”
Also, the representative director of SBI Remit, Nobuo Ando, said in a statement:
“We see tremendous potential in leveraging blockchain technology to transform not only the way payment transactions are made but in how we manage our business by unlocking trapped capital. 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.”