Back to the list

SBI Remit Partners Coins.ph and SBI VC Trade, Marks First ODL Service by Ripple


cryptoknowmics.com 28 July 2021 06:36, UTC
Reading time: ~2 m

The recent partnership between the largest money transfer provider in Japan, SBI Remit, Coins.ph, a mobile payments service, and a digital asset exchange platform SBI VC Trade, has marked the first-ever ODL Service Implementation of Ripple in Japan. It has been reportedly announced that by the utilization of On-Demand Liquidity, the three entities will provide affordable and faster remittance options for the customers.

SBI Remit, Coins.ph, And SBI VC Trade Join Hands, Becomes First ODL Service of Ripple Utilized in Japan

In accordance with the report, the recent amalgamation of the three companies will be setting up a base for driving more adoption of crypto-enabled services in the region. 

By leveraging the native token of Ripple, XRP, to abolish pre-funding, the two firms can also free up capital and even speed up the expansion of their respective payment businesses.

The Representative Director of SBI Remit, Nobuo Ando, spoke in support of this and said:

“We see tremendous potential in leveraging blockchain technology to transform not only the way payment transactions are made but in how we manage our business by unlocking trapped capital. 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 Steps Closer to Fulfil APAC’s Rising Requirement For Convenient Cross-Border Transactions

The deal between SBI Remit, Coins.ph, and SBI VC Trade is a part of a larger vision of Ripple of accelerating the explosive growth in the APAC region, which stands for the Asia-Pacific region.

In addition to this, it should be noted that this news has come amid the recent partnerships of firms such as Novatti and Tranglo along with Ripple’s hiring of Brooks Entwistle.

Brooks is a finance and technology veteran and currently serves as the Managing Director of Southeast Asia.

Back to the list