Ripple is looking to tap the almost $2 billion a year remittance market between Japan and the Philippines through the use of its on-demand liquidity (ODL) service.
- Japan's money transfer provider SBI Remit is linking arms with Philippines mobile payments service Coins.ph and crypto exchange SBI VC Trade to open up a remittance corridor between the two countries, Ripple announced in a blog post on Wednesday.
- It marks a significant step for Ripple looking to get a cut of the $1.8 billion in yearly remittances from Japan to the Philippines.
- ODL via Ripple’s RippleNet cross-border payment service allows companies to transfer funds from one fiat currency to XRP and from XRP to another currency.
- The move follows on from Ripple's expansion in Asia after acquiring a 40% stake in cross-border payments firm Tranglo in March.