- Ripple and SBI Remit have launched the On-Demand Liquidity (ODL) service in Japan, partnering with Coins.ph and SBI VC Trade.
- The collaboration aims to provide faster and more cost-effective cross-border payments between Japan and the Philippines, utilizing RippleNet and the digital asset XRP.
Ripple, a leading provider of enterprise blockchain and cryptocurrency solutions for global payments, has collaborated with SBI Remit Co., Ltd and Coins.ph to launch the highly anticipated On-Demand Liquidity (ODL) service in Japan. This strategic partnership marks a significant step toward accelerating and improving cross-border payments between Japan and the Philippines.
– #SBI #R3 Japan is a joint venture between #SBI Holdings, Inc. and #R3, a U.S.-based financial technology company that excels in blockchain and distributed ledger technology (#DLT). #R3, whose main shareholder is the SBI Group, is leading the… pic.twitter.com/I51Gj8AmC3
— Lord Vendetta 👑 (@LordVXrp) July 12, 2023
With the support of SBI Remit and Ripple, the collaboration aims to revolutionize the financial system by delivering faster and cheaper cross-border payments. By leveraging RippleNet, the global network powered by blockchain technology, customers can experience enhanced payment experiences and eliminate the need for costly pre-funding. Additionally, the digital asset XRP will be utilized to reduce operational costs, unlock capital, and fuel the expansion of payment businesses.
SBI Remit, as the largest money transfer provider in Japan, and Coins.ph, a leading mobile wallet service in the Philippines, will connect with RippleNet to enable faster and more affordable cross-border payments. This expanded partnership comes at a time when there is a growing demand for low-value, high-frequency remittances driven by long-term growth trends in foreign workers and cross-border e-commerce in Japan.
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Japan, known for having one of the highest cross-border payment fees globally, will benefit greatly from this collaboration. According to The World Bank, the average cost of remitting from Japan is 10.5%, while G8 countries have an average cost of 5.92%. By leveraging blockchain technology and the ODL service, Ripple and SBI Remit aim to reduce these costs and deliver a superior customer experience.
Nobuo Ando, Representative Director of SBI Remit, recognizes the potential of blockchain technology in transforming payment transactions and unlocking trapped capital. The launch of ODL in Japan is just the beginning, and the partnership aims to expand beyond real-time payments in the Philippines to other parts of the region, driving further financial innovation.
The Asia Pacific (APAC) region presents immense growth opportunities for RippleNet, thanks to its progressive crypto regulation and the presence of innovative companies like SBI Remit. Ripple has experienced significant transaction growth of 130% year-over-year in the APAC region, making it one of the fastest-growing regions for the company. In the next phase of the partnership, SBI Remit will connect with other established partners on RippleNet, utilizing XRP to enhance their high-performance payments business.
As enterprises worldwide seek to integrate crypto-enabled services, SBI Remit, alongside existing ODL customers such as Novatti and Tranglo, will play a vital role in RippleNet as fiat on and off-ramps. With SBI Holdings as an investor and shareholder of Ripple, the collaboration further solidifies the shared vision of transforming the world of payments.
In summary, the partnership between Ripple and SBI Remit marks a significant milestone in the world of cross-border payments. By harnessing the power of blockchain technology and RippleNet’s ODL service, this collaboration aims to revolutionize the financial system, enabling faster, cheaper, and more efficient cross-border payments between Japan and the Philippines.
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