RIPPLE, SBI REMIT START ON-DEMAND LIQUIDITY, ACCELERATING JAPAN'S CROSS-BORDER PAYMENTS

KUALA LUMPUR, July 28 (Bernama) -- Ripple, the leading provider of enterprise blockchain and cryptocurrency solutions for global payments, has announced the launch of RippleNet’s first live On-Demand Liquidity (ODL) service implementation in Japan.

This is in collaboration with SBI Remit Co Ltd, the largest money transfer provider in Japan, and one of the leading mobile wallet services in the Philippines, Coins.ph.

This expanded partnership will see SBI Remit connect with Coins.ph and digital asset exchange platform SBI VC Trade on RippleNet for faster and more affordable cross-border payments from Japan to the Philippines.

With ODL now available in Japan, RippleNet customers can leverage the digital asset XRP to eliminate pre-funding and reduce operational costs, unlocking capital and fuel the expansion of their payment businesses.

“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,” said Asheesh Birla, General Manager of RippleNet at Ripple, in a statement.

Driven by long-term growth trends of foreign workers and cross-border e-commerce in Japan, there is an expected increase in low-value, high-frequency remittances.

The Filipino diaspora is currently the third largest in Japan – in 2020, remittance flows from Japan to the Philippines sent by overseas Filipino workers totalled approximately US$1.8 billion. (US$1 = RM4.232)

“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,” said SBI Remit Representative Director, Nobuo Ando.

Asia Pacific is one of the fastest growing regions for Ripple with transactions growing 130 per cent year-over-year.

-- BERNAMA