On-Demand Liquidity service on Ripple's payment network provides instant and cost-effective way for the large community of Filipinos in Japan to send money home, empowering overseas workers through financial inclusion
MANILA, Philippines, Aug.23, 2022 /PRNewswire/ -- Coins.ph ("Coins" or the "Company"), the Philippines' leading digital wallet provider and crypto exchange platform, and Asian Net Co., Ltd., a money transfer company in Japan operating under the brand name of OK Remit, have jointly launched the On-Demand Liquidity (ODL) service on RippleNet to enable instant, low-cost cross-border payments from Japan to the Philippines. RippleNet is the global payments network of Ripple, the leader in enterprise blockchain and cryptocurrency solutions.
"Today's announcement is a game-changer for the more than 300,000 Filipinos living in Japan[1]", commented Coins.ph CEO Wei Zhou. "Overseas Filipino Workers are too often forced to rely on outdated, slow-moving and expensive remittance services to transfer their hard-earned money back home. Coins.ph is committed to harnessing the power of blockchain-based cryptocurrency technologies to empower Filipinos to move money across borders in a fast, frictionless, secure, compliant and affordable way, making the global currency transfer system more inclusive in the process. The ODL service we launched today with OK Remit is an exciting example of how we can achieve that."
The partnership was established through SBI Ripple Asia, a joint venture between SBI Holdings and Ripple. The new partnership will enable OK Remit to connect with Coins.ph and the digital asset trading platform SBI VC Trade via RippleNet for Japan-to-Philippines remittances. ODL leverages the digital currency XRP as a bridge between the fiat currencies of Japan and the Philippines. This eliminates the need to prefund in the destination market, lowering operating expenses and freeing up capital.
As of October 2021, remittances from Japan to the Philippines totaled an approximate US$1.6 billion[2]. President of OK Remit, Shujen Higashida said, "We are pleased to be working with Coins.ph and Ripple to bring crypto-asset technology to our international money transfer service. As travel restrictions have relaxed since the beginning of 2022, we want people who come to Japan to have a fast and affordable way to send money back home. OK Remit is committed to further expand our relationship with RippleNet and hopes to be able to offer similar services in other countries."
Jayson Mandal, International Department Manager of Asian Net Co., Ltd added, "Our partnership with Coins.ph to launch RippleNet's ODL service in Japan is a significant accomplishment, and is a key factor in reaching and penetrating the Filipino market - one of our biggest markets. We constantly look at incorporating innovative technologies to address the needs of foreign residents in Japan and to meet a high level of customer satisfaction."
The launch of the ODL service is the latest example of Coins.ph's mission of expanding financial inclusion for underserved populations. The goal of Coins.ph is to provide anyone, even those without a bank account, with simple access to financial services via their mobile device. Customers of Coins.ph have access to an integrated crypto and fiat mobile wallet through which they can perform everyday payments such as paying bills online in addition to transacting in over 20 digital assets and cryptocurrencies.
The ODL offering illustrates how solutions that combine crypto and fiat elements can make previously complex and expensive financial transactions more accessible and inclusive, and leverages Coins.ph's market-leading capabilities in last-mile crypto-to-fiat conversion.
[1] https://dfa.gov.ph/distribution-of-filipinos-overseas |
[2] https://www.statista.com/statistics/1069975/philippines-value-cash-remittances-overseas-filipino-workers-japan/ |
About Coins.ph
Launched in 2014, Coins.ph is the most established crypto brand in the Philippines and has more than 16 million users. Through the easy-to-use mobile app, users can buy and sell a variety of cryptocurrencies and access a wide range of financial services. Coins.ph is fully regulated by the Bangko Sentral ng Pilipinas and is the first crypto-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from the central bank. For further information, contact marketing@coins.ph.
For more information about Coins.ph, visit https://coins.ph and follow us on Facebook, Twitter, and Instagram.
About OK Remit
OK Remit, and its brand holder Asian Net was licensed by the Kanto Regional Financial Bureau on November 21, 2017. As a money transfer company, OK Remit is committed to offer global standards of security and compliance to international laws. OK Remit aims to provide the millions of people residing in both Japan and other regions a link through their services.
About Ripple
Ripple is a crypto solutions company that transforms how the world moves, manages and tokenizes value. Ripple's business solutions are faster, more transparent, and more cost effective – solving inefficiencies that have long defined the status quo. And together with partners and the larger developer community, we identify use cases where crypto technology will inspire new business models and create opportunity for more people. With every solution, we're realizing a more sustainable global economy and planet - increasing access to inclusive and scalable financial systems while leveraging carbon neutral blockchain technology and a green digital asset, XRP. This is how we deliver on our mission to build crypto solutions for a world without economic borders.
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