Showcasing the use of cryptocurrency in monetary transfers, Ripple has become a known partner for traditional institutions that wish to revamp their cross-border remittance services. Taking this vision farther, Ripple announced a new partnership with Japan's SBI Remit to transform remittance payments from Japan to the Philippines.

Ripple'south latest partnership will run into the involvement of mobile payments service Coins.ph and digital asset exchange platform SBI VC Trade to provide a cheaper remittance option to its customers. This will be made possible by using XRP to eliminate the pre-funding costs.

According to the official statement, Japan's first On-Demand Liquidity (ODL) service implementation helps Ripple to drive the adoption of crypto-enabled services. Nobuo Ando, representative director of SBI Remit, stated:

"The launch of ODL in Japan is only the start, and we wait frontwards to continuing to push into the next frontier of fiscal innovation, across existent-time payments in just the Philippines, but to other parts of the region as well."

This announcement stays in line with Ripple'due south intent to aggrandize its services for the Asia-Pacific (APAC) markets as it continues to see transactions growing 130% year-over-twelvemonth. A recent study as well showed that Ripple'south XRP sales shot up 97% in Q1, running parallel to the rising need for its ODL service.

Related: It is time for the U.s.a. to create a 'Ripple examination' for crypto

Despite Ripple'due south disharmonize with the United States Securities and Exchange Committee pertaining to the XRP securities lawsuit, Ripple frontman Brad Garlinghouse informed that the company had not suffered whatsoever setbacks in the APAC region.

"Nosotros have been able to continue to grow the business in Asia and Nippon because we've had regulatory clarity in those markets," Garlinghouse said.

Ripple recently appointed a new managing managing director to plan out its roadmap to expand in the Southeast Asian region.

Past involving former Uber executive Brooks Entwistle, Ripple's Southeast Asia wing doubled downwardly on its expansion plans against the market's "fairly complex, land-specific schemes."