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Blockchain startup Ripple has started its global expansion in Asia by making two major moves in the Philippines and South Korea, FinTech Magazine reported.
Philippines
Ripple has partnered with London-based remittance service Azimo to deliver faster and cheaper payments in the Philippines. The money transfer platform has over a million users and allows customers to send money to over 200 countries internationally. It is made possible through Ripple’s On-Demand Liquidity (ODL) solution, which will be processed through the remittance’s platform.
"Ripple’s ODL solution has significantly reduced the cost and delivery time for cross-border transfers, and our customers are seeing the benefits. As more banks and financial institutions use ODL, we believe it has the potential to replace current methods of foreign exchange trading and to reduce settlement time to close to zero,” said Richard Ambrose, CEO of Azimo.
“It’s of the utmost importance to partner with companies who share the same vision and passion for changing the way that money moves around the world today,” said Marcus Treacher, SVP of Customer Success at Ripple. “Azimo is challenging the status quo by leveraging RippleNet with ODL to provide fast, low-cost, reliable and easy payments for its customers worldwide.”
South Korea
Ripple also added three remittance companies to track South Korea’s remittances to RippleNet. Its new partners include Sentbe, Hanpass and WireBarey. The partnership with Sentbe will allow the remittance firm to process remittances real fast.
“Remittance outflows from South Korea have been steadily increasing over the past years to neighboring countries, especially into Southeast Asia. RippleNet, which enables remittance within seconds to customers who previously experienced difficulty with unintegrated networks or distrust with existing remittance processes, will now be given a whole new world of experience. We will also be able to capture more remittance inflows into Korea, thanks to RippleNet’s growing network,” says Seongouk Choi, CEO of Sentbe.
Meanwhile, RAKBANK has also partnered with BDO Unibank, a retail banking company in the Philippines to enhance its RAKMoneyTransfer (RMT) services. The customers can transfer money in any bank account in the Asian country instantly through RippleNet.
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