SBI Remit is among the biggest money transfer companies in Japan. Coins.ph is a leading mobile wallet service in the Philippines.
“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,” RippleNet Ripple General Manager Asheesh Birla said in a Business Wire report on Wednesday (July 28).
Birla added that the company is excited to team up with firms like SBI that are “forward-looking” and understand the “value in blockchain technology.” Ripple aims to offer support as they get ready for “a crypto-enabled future.”
This partnership will enable SBI Remit’s connection with Coins.ph and digital asset exchange platform SBI VC Trade on RippleNet for quick cross-border money transfers between the Philippines and Japan.
The Filipino diaspora — the third largest in Japan — sent a total of $1.8 billion between the Philippines and Japan. Furthermore, Japan has among the highest fees for cross-border payments worldwide. According to The World Bank, remittances from Japan incurred an average of 10.5 percent in fees. By way of comparison, remittances sent from G8 countries are in the neighborhood of 5.92 percent.
“We see tremendous potential in leveraging blockchain technology to transform not only the way payment transactions are made but in how we manage our business by unlocking trapped capital,” said Nobuo Ando, representative director of SBI Remit. “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.”
In March, the Silicon Valley-headquartered Ripple closed a deal to acquire 40 percent of cross-border payment firm Tranglo.