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.
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:
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.