Ripple is expanding its on-demand liquidity (ODL) services in the Asia-Pacific region. The company has announced the first-ever ODL in Japan. Opening an XRP-to-fiat remittance corridor for the Filipino diaspora.
ODL via Ripple’s cross-border payment service xRapid allows businesses to transfer funds from a fiat currency to XRP. The ODL services in Japan will be used by Ripple’s leading strategic partner, SBI Remit Co, in collaboration with payment provider Coins.ph. Ripple hopes that the implementation in Japan will help increase the usage of its technology.
Ripple is hoping to join in on the growing remittance market
Japan is home to many immigrants who have come to the country to work. One of the largest groups of immigrants comes from the Philippines. These immigrants send a lot of money to their home country every year through money transfer services.
According to one estimate, the Filipino community sends home more than $1.8 billion every year. Sending money via traditional methods can be slow and expensive, and Ripple hopes to tap into that market with its newly launched ODL services. The company is looking to capture some of the market share in the growing remittance market by partnering and enabling as many crypto platforms in the region as possible to offer its ODL.