Blockchain-based digital payment network Ripple has partnered with SBI Remit Co., to launch On-Border Liquidity (ODL) payment services between Japan and the Philippines.
Remittances from Japan to the Philippines are charged at 10.59 percent, which is almost double of what customers in other G8 countries pay in remittance charges (5.92 percent). Meaning that customers pay $180 million in service charge for the $1.8 billion transactions carried out annually.
A Representative Director from SBI Remit Nobuo Ando said the firm wants to explore other parts of the region too.
“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 said in its announcement that this partnership coincides with its “explosive growth” in the larger Asia-Pacific (APAC) region.