Ripple Teams Up with SBI To Launch First On-Demand Liquidity Service In Japan
Blockchain firm Ripple Labs Inc. has launched its new On-Demand Liquidity (ODL) payment service in Japan.
SBI Remit Partners Coins.ph On New ODL Project
Ripple announced that the ODL service was launched by SBI Remit, the subsidiary of its major Japanese partner SBI Holdings.
According to Ripple’s blog post, SBI Remit is partnering with Philippines mobile payments service Coins.ph and crypto exchange SBI VC Trade to open up a remittance corridor between Japan and the Philippines.
The ODL service will run on RippleNet and would allow users to execute remittance payments from Japan to the Philippines. The aim is to provide faster and more affordable remittance options for customers. This will be made possible by using XRP to eliminate the pre-funding costs.
The new ODL product will allow users to transfer funds from one fiat currency to XRP and from XRP to another currency.
Ripple and SBI plan to use this ODL implementation in Japan to drive more adoption of crypto-enabled services in the region.
“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.” Nobuo Ando, Representative Director of SBI Remit said.
Ripple Expanding Service In Asian Region
Ripple’s launch of the ODL service in Japan is in line with its plan of expanding its services within Asia-Pacific (APAC) region.
Other moves Ripple has made in pushing its service in the Asian markets include its purchase of a 40% stake in cross-border payments firm Tranglo. Ripple acquired Tranglo to expand its ODL service into Southeast Asia.
Ripple also previously partnered with fintech firm Novatti Group. The partnership was focused on improving remittances between Australia and the Philippines through Filipino-owned remittance service provider, iRemit. Novatti was also said to be deploying the ODL Service via RippleNet to make instant, cross-border payments.
Ripple has seen its transactions grow 130% year-over-year. According to a May report, Ripple’s XRP sales shot up 97% in Q1, due to the rising demand for its ODL service.
The news also comes on the heels of Ripple’s hiring of finance and technology veteran Brooks Entwistle as Managing Director of Southeast Asia.
Meanwhile, Ripple’s lawsuit with the United States Securities and Exchange Commission (SEC) is still ongoing. Judge Sarah Netburn of the US Southern District Court recently ruled for the deposition of ex-SEC Director of Corporation Finance William Hinman.
Although the deposition of the former SEC official has taken place, it was not a public hearing. Therefore, it cannot be accessed by the public at the time, unlike other hearings in the lawsuit.