Japan to Launch Ripple’s ODL Service for Cross-border Payment to the Philippines

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Japan to Launch Ripple's ODL Service for Cross-border Payment to the Philippines
Japan to Launch Ripple's ODL Service for Cross-border Payment to the Philippines

Japan’s first implementation of on-demand liquidity services (ODL) will help Ripple promote the adoption of crypto services.

Ripple Partners with SBI Remit to Improve their Cross-border Transfer Services

Ripple announced the formation of a new partnership with SBI Remit Co., Ltd in Japan to convert the wire payment method from Japan to the Philippines.

Ripple demonstrated the use of cryptocurrency in currency transfers and has become a well-known partner for traditional institutions looking to improve their cross-border transfer services. To further advance this vision, 

Ripple’s latest partnership will include Coins.ph mobile payment service and digital asset trading platform SBI VC Trade, which offers its customers cheaper transfer options. This will be possible through the use of XRP to eliminate pre-financing costs.

According to an official statement, the implementation of Japan’s first on-demand liquidity service (ODL) will help Ripple promote the adoption of crypto services. Nobuo Ando, ​​deputy director of the SBI contract stated:

“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 Continues to Expand its Services to the Asia-Pacific

The announcement is in line with Ripple’s intention to expand its services to the Asia-Pacific (APAC) market as transaction volume continues to grow 130% year-over-year. A recent report also showed that Ripple’s XRP sales rose 97% in the first quarter due to growing demand for its ODL services.

Although Ripple clashed with SEC authorities over the XRP securities lawsuit, Ripple CEO, Brad Garlinghouse said the company has not suffered any setbacks in the Asia-Pacific region.

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

Ripple recently appointed a new executive director who sets its roadmap for its dominance in Southeast Asia.

With the involvement of former Uber manager Brooks Entwistle (Brooks Entwistle), Ripple’s Southeast Asian subsidiary doubled its expansion plans for the “fairly complex country-specific plans of the market.”