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Ripple has joined hands with SBI Remit, Japan’s leading money transfer provider, Coins.ph, and crypto exchange SBI VC Trade to streamline remittance payments from Japan to the Philippines. The company announced this news on July 27, noting that this partnership will take advantage of an On-Demand Liquidity (ODL) service to offer customers faster and more affordable remittance options. Reportedly, this is Ripple’s first ODL service implementation in Japan.
According to the announcement, this partnership will drive further adoption of crypto-related services in the Asia-Pacific region. The deal involves using XRP to bypass pre-funding. In so doing, both Coins.ph and SBI VC Trade will be able to free up more capital, which they can use to expand their payment businesses.
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Commenting on this partnership, Nobuo Ando, the Representative Director of SBI Remit, said the company sees massive potential in using the blockchain to revolutionize payments as well as improve business management by unlocking trapped capital. He added that the launch of ODL in Japan is just the first step in a long journey, seeing as SBI Remit intends to propel the next level of financial innovation beyond real-time payments in the Philippines.
This news reflected positively on XRP, giving the coin the much-needed push to continue rallying. At the time of writing, XRP (XRP/USD) is up 9.49% over the past 24 hours to change hands at $0.7079. This price denotes a 24.57% gain over the past seven days, according to data from CoinMarketCap.
Ripple continues expanding its grip on the Asia Pacific region
This news comes as Ripple continues targeting the Asia Pacific (APAC) region with its services. Reportedly, the region is vibrant with e-commerce, a feature that has seen Ripple transactions grow 130% year-over-year. On top of this, the region has more clarity, regarding crypto regulation, making it suitable for the company.
Prior to the partnership with SBI Remit, Ripple struck similar deals with Novatti and Tranglo. On top of this, the company hired technology veteran, Brooks Entwistle, as the Managing Director of Southeast Asia, to help expedite its expansion in the APAC region.
While the company is performing exceptionally well in the APAC region, the same can’t be said about its home country. The US Securities Exchange Commission (SEC) filed a multi-billion-dollar lawsuit against the company and its executives, claiming they violated securities laws. Nonetheless, court rulings seem to be giving Ripple the upper hand in the case, leaving the watchdog lost in a maze.