Ripple (XRP) is the leading facilitator of enterprise blockchain and cryptocurrency solutions for global payments.
Brad Garlinghouse expressed: “Hugely excited about our newest ODL corridor — Japan is one of our largest markets. With regulatory clarity and innovative partners like SBI, the region is ready for a crypto-enabled future.”
They have announced the launch of RippleNet’s first live On-Demand Liquidity (ODL) service implementation in Japan. They are getting this going 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.
This expanded partnership will have SBI Remit connect with 1. Coins.ph. 2. Digital asset exchange platform SBI VC Trade on RippleNet. Thus, providing for faster and more affordable cross-border payments from Japan to the Philippines.
Eliminate Prefunding Bring Down Operational Costs: Thus, ODL is now available in Japan. RippleNet customers in Japan will be able to leverage the digital asset XRP to eliminate pre-funding. The operational costs will come down. Fintech companies will now be able to unlock capital and fuel the expansion of their payments businesses.
Asheesh Birla, General Manager of RippleNet at Ripple, stated, “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.” Further stated, “SBI Remit has been a leader when it comes to embracing new technology to deliver the best customer experience; they have been stating that they are excited to partner with forward-looking companies like SBI that see the value in blockchain technology and to support them in preparing for a crypto-enabled future.”
Considering the growth trends of foreign workers and cross-border e-commerce in Japan, there is an increase in low-value, high-frequency remittances. Remittance flow from Japan to the Philippines is huge because the Filipino diaspora is the third-largest per 2020 records. With ODL in Japan, companies in the payment businesses will be able to offer better service to their customers.
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 it into the next frontier of financial innovation, beyond real-time payments in just the Philippines, but to other parts of the region as well.
RippleNet’s first live On-Demand Liquidity (ODL) service has tremendous potential in helping to leverage blockchain technology to transform not only the way payment transactions are made but also how it will be possible to manage businesses by unlocking the trapped capital.”
The growth and opportunities for RippleNet in response to progressive crypto regulation are more. Innovative companies, like SBI Remit, are looking to lead in the crypto space.
With the Asia Pacific being one of the fastest-growing regions for Ripple, SBI Remit is set to connect with other well-established partners on RippleNet, which utilize XRP in the process to accelerate their high-performance payments business.
Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9
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