As the long legal dispute with the SEC finally seems to be being resolved, Ripple announces a major new partnership in Japan to expand its business in the attractive Asian market.
Ripple’s important partnership in Japan
According to early rumors surrounding the terms of the agreement between the two companies, SBI Remit, which is considered Japan’s largest payments provider, will allow Thais living in Japan to instantly send money home using RippleNet technology. On Thailand‘s side, the agreement also includes the participation of Siam Commercial Bank.
This is a major new agreement between RIPPLE and the Japanese payments company in the increasingly thriving remittance market from abroad. Cryptocurrencies are now considered a fast and secure means of making money transfers from abroad.
A year ago, RIPPLE had already closed another deal with the same Japanese company to provide the same service for Filipino citizens. In that case, the two companies had launched the first On-Demand Liquidity (ODL) service, in partnership with one of the leading mobile wallet services in the Philippines, Coins.ph.
Also a year ago RIPPLE, which indeed has its main market in Asia, had signed a partnership with one of South Korea’s cross-border remittance companies, Global Money Express Co. Ltd (GME Remittance).
The Asia-Pacific region is certainly the one considered by the crypto company’s top management to be the fastest growing, with transactions increasing by 130% year-on-year, and these new partnerships only solidify the presence of RIPPLE and its transfer infrastructure in the area.
Regarding the agreement signed with SBI Remit, RIPPLE explained in a press release that through the implementation, more than 47,000 Thais in Japan will be able to freely send yen to Thailand using ATMs and in a second will be available for withdrawal in Thai baht there. In comparison, before this important agreement, such a transaction previously required the involvement of an intermediary and also could not be done with electronic money, instead cash was needed.
According to a recent study carried out by RIPPLE itself, 75% of Rona arie institutions will use Blockchain and cryptocurrencies to make money transfers by 2026. The Asian region is precisely the one that according to the report will be the driver of this revolution.