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Ripple Eyes Expansion in Asia-Pacific Region via ODL, Offers Help to Local Banks

News
Fri, 02/14/2020 - 10:13
Yuri Molchan
On its official website, Ripple has published an article on the Asia-Pacific region, inviting banks and companies to contact them if they want to improve their systems
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At the moment, the APAC (Asia Pacific) region is experiencing a rise in the remittance sphere. However, according to an article by Pegah Soltani, a senior Product Marketing manager at Ripple, there are some issues with transferring funds between different local currencies.

At the moment, Soltani writes, the APAC market sees around 2 bln remittance transactions per year.

Ripple encourages local remittance services and banks to contact them if they want to improve their systems by using Ripple’s On-Demand Liquidity product that runs on XRP.

Cash still dominates in APAC countries

The article states that in the APAC region, in the Philippines, Thailand and Australia in particular, cash still plays the biggest role when it comes to remittances.

90 percent is named as the local payments value in cash in Thailand.

“Cash transactions still represent a staggering 90% of Thailand’s domestic payments value.”

The same goes for the Philippines. Service providers have to be connected with major outlets dealing with cash payouts, the article says.

The current remittance solutions are hard to scale globally, insists Ripple’s Pegah Soltani.

The necessity to pre-fund bank accounts in destination currencies makes fees very high.

Related
Ripple-Backed MoneyGram Offers Coinbase CEO Free Trial of Their Services

Ripple promotes ODL

The author finally drives the article towards its conclusion – Ripple’s ODL can improve the situation with remittances in the APAC region and make transactions much faster and cheaper.

Soltani offers banks and remittance service providers the opportunity to contact Ripple to see how On-Demand Liquidity can help them serve their customers better.

Ripple’s presence in APAC gets stronger

As recently reported by U.Today, Ripple is increasing its presence in some of the APAC countries. Ripple’s partner, MoneyGram, has recently expanded its presence in Singapore by setting up a website for local users to send funds via ODL.

Also, Ripple has struck a partnership with Intermex, a leader in the remittance industry in Latin America.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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