Ripple finally announced the launch of RippleNet in partnership with SBI Remit Co., the biggest provider for financial transfers in Japan. Through the partnership, SBI Remit will join hands with SBI VC Trade, the platform for exchanging digital assets and Coins.ph of the Philippines, to enable RippleNet to conduct faster and cost-effective cross-border financial transactions between Japan and the Philippines. With the service implementation of On-Demand Liquidity in Japan, the clients of RippleNet shall be able to XRP, the Ripple token, decrease operational costs, do away with pre-funding, unlock capital, and drive the growth of payments businesses. According to Ripple price prediction reports, the current value of XRP at various exchanges is $0.7084, and it is hoped that the launch of RippleNet shall further fuel the token price.
The Asia Pacific region is teeming with opportunities for Ripple, and companies like SBI Remit are seeking to lead the crypto asset space. The volume of Ripple transactions has increased by almost 130% since last year in the APAC region. SBI Remit seeks to capitalize on the growth by partnering with other top-tier payment firms on RippleNet to use XRP and accelerate the performance of payments businesses.
The CEO of Coins.ph, Nauman Mustafa, is greatly pleased with the support received from RippleNet and SBI Remit. The fintech innovation attained through the partnership shall ensure quicker and safer payment transactions, improve customer experience, and revolutionize the financial transaction system of Japan and the Philippines. SBI Remit is currently looking forward to entering into partnerships with more On-demand liquidity enterprises in the APAC region that include Tranglo and Novatti. The Representative Director of SBI Remit, Nobuo Ando, seeks to leverage the power of advanced Blockchain Technology to transform the way of making payments and managing business by unlocking trapped business capital. In his opinion, the launch of On-demand liquidity through RippleNet in Japan is only the beginning of financial innovation in the APAC region.