Japan Will Conduct A Test Of Ripple’s ODL Money Transfer Service To The Philippines

Japan’s first implementation of an On-Demand Liquidity solution enables Ripple to accelerate the uptake of crypto-enabled services.

By demonstrating the usage of cryptocurrency in financial transactions, Ripple has established itself as a trusted partner for traditional financial institutions looking to modernize their cross-border remittance services. Ripple expanded on this goal by announcing new cooperation with Japan’s SBI Remit to transform remittance payments between Japan and the Philippines.

Ripple expanded on this ambition by announcing a new collaboration with SBI Remit of Japan to transform remittance payments between Japan and the Philippines.

Ripple’s latest cooperation will bring mobile payments operator coins. ph and digital asset exchange platform SBI VC Trade together to offer its consumers a more affordable remittance option. This will be feasible with the use of XRP to remove pre-funding costs.

Nobuo Ando, representative director of SBI Remit, commented:

“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.”

How This News Will Impact Ripple?

This news is consistent with Ripple’s strategy of expanding its services in the Asia-Pacific (APAC) markets, where transactions continue to rise at a rate of 130 percent year over year. Additionally, a recent report indicated that Ripple’s XRP sales increased by 97 % in Q1 due to increased demand for its ODL service.

Despite Ripple’s fight with the US Securities and Exchange Commission over the XRP securities case, Ripple CEO Brad Garlinghouse stated that the business has had no difficulties in the APAC area.

“We have been able to continue to grow the business in Asia and Japan because we’ve had regulatory clarity in those markets,”

~Garlinghouse

Ripple just named a new managing director to chart the company’s expansion strategy in Southeast Asia. By enlisting former Uber executive Brooks Entwistle, Ripple’s Southeast Asia subsidiary bolstered its expansion plans in the face of the market’s “quite sophisticated, country-specific schemes.“

Also Read: Europe Is Transforming Into A Defi Hub As The US Tightens Its Grip On Cryptocurrency