Coins.ph and OK Remit to Enable Low-Cost Remittances From Japan to the Philippinesby Fintech News Philippines August 23, 2022
Coins.ph, a Philippines’ digital wallet provider and crypto exchange platform, and Asian Net, 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, which provides enterprise blockchain and cryptocurrency solutions.
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.
Wei Zhou, CEO of Coins.ph said,
“Today’s 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 Overseas Filipino Workers are too often forced to rely on outdated, slow-moving and expensive remittance services to transfer their hard-earned money back home.
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.”
Shujen Higashida, President of OK Remit 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.”