- Coins.ph and OK Remit extend cross-border payment solutions from Japan to the Philippines.
- The duo will utilize the Ripple Payment solution.
- Ripple Payment Solution is eyeing global adoption.
Coins.ph and OK Remit are collaborating for cross-border payments utilizing Ripple Payment Solution. The collaboration marks one of many global partnerships utilizing the growing Ripple Payment solution.
The collaboration culminated in the launch of an On-Demand Liquidity (ODL) service that will use RippleNet, Ripple’s global payment network. The payment solution will aid in facilitating cross-border settlements from Japan to the Philippines.
Speaking on the topic, Coins.ph CEO Wei Zhou said:
The announcement is a game-changer for the more than 300,000 Filipinos living in Japan. Overseas Filipino Workers are too often forced to rely on outdated, slow-moving, and expensive remittance services to transfer their hard-earned money back home.
The collaboration was run through a joint venture between Ripple and SBI Holdings called SBI Ripple Asia.
With the help of the new cooperation, OK Remit will be able to send money from Japan to the Philippines by connecting via RippleNet with Coins.ph and the digital asset trading website SBI VC Trade.
The new collaboration will aid in instant transaction settlements at lower fees in comparison to traditional payment ways. The inclusion of the Ripple Payment solution also eliminates the necessity to prefund the destination accounts.
Prior to this new announcement, the cross-border payments between Japan and the Philippines were done through traditional payment methods. With the remittance amount from Japan to the Philippines hitting $1.6 billion as of October 2021, the new payment method will likely outdo the previous numbers.