SBI Remit Co., Ltd. has announced that its collaboration with Ripple to launch Japan’s first international remittance service using digital assets. SBI Remit is Japan’s largest money transfer provider and will offer ODL (On-Demand Liquidity) using XRP to the Philippines.
In addition to SBI Remit, Ripple has partnered with Coins.ph, a mobile wallet in the Philippines, and SBI VC Trade, a crypto asset exchange to provide faster and cheaper remittances to the Philippines. More than 5 million citizens of the Philippines live abroad and the Philippines is the third-largest remittance-receiving country in Asia.
The company aims to generate a revenue stream of $1.8 billion through its remittance services from Japan and the Philippines.
In a press release published by Ripple, Asheesh Birla, General Manager of RippleNet said:
“The expansion of our relationship with SBI Remit to kickstart RippleNet’s ODL service in Japan marks a major milestone in one of our largest markets. SBI Remit has been a leader when it comes to embracing new technology to deliver the best customer experience.
We are excited to partner with forward-looking companies like SBI that see the value in blockchain technology and to support them in preparing for a crypto-enabled future.”
By employing the ODL service of RippleNet, clients can convert national currencies to XRP (Ripple’s cryptocurrency) and from XRP to another country’s currency.
