Ripple signs another deal, involving SBI, as the company continues to expand its operations in the Asian-pacific region.
Ripple to assist remittances from Japan to Philippines:
According to a recent announcement, on July 27th, Ripple has partnered with Japan-based SBI’s subsidiary SBI VC Trade. The partnership also includes a mobile payment company, Coins.ph. The alliance between the three is intended to facilitate Japan to philippines remittance service.
SBI Remit, Japan’s largest money transfer service, will enable mobile payment service Coins.ph to integrate Ripple’s ODL[On-Demand Liquidity] into their network. As an outcome of which the transfer of remittances from Japan to the Philipines will become faster, cheaper, and much more secure as well. Ripple On-Demand Liquidity service, which leverages XRP, will also eliminate the pre-funding cost. Nobuo And, SBI Remit’s Rep director noted:
“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.”
Ripple’s growing Scope in the APAC’s Remittance Market:
It is be noted that by the virtue of OLD’s growing demand, during the Q1, XRP’s sales have gone up by 97%, and ODL-supported transactions, in APAC[Asian-Pacific], are also up by 130% Year-to-date.
In addition to the fact that Japan is one of the largest destinations of foreign workers from all around the globe, the Philippines is the ninth-largest worker exporter with over 5 million of its nationals working abroad. Moreover, Phillippines is also the third-largest remittance destination from japan, capitalizing over 10%[1.8 Billion USD] of the market.
Ripple, SBI Relations:
Thanks to its relations with SBI, Ripple has an ever-growing scope in Japan’s remittance market. Despite, facing rather tough circumstances in the US, Ripple has been able to expand its operations in the APAC region.
Considering the region’s huge remittance market and Ripple’s good relation with SBI, Garlinghouse[Ripple’s CEO] has also stated that the company could shift its operations from the US to Japan.