Coins.ph Taps OK Remit to Enable Low-Cost Remittances via RippleNet

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Philippine-based crypto exchange and e-wallet Coins.ph has recently announced that it has collaborated with OK Remit, the money transfer company brand of Japan-based Asian Net Co., Ltd., to launch the On-Demand Liquidity (ODL) service on RippleNet. The partnership will enable instant, low-cost cross-border payments from Japan to the Philippines.

In a statement, Coins.ph CEO Wei Zhou noted that the collaboration will be 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“Overseas Filipino Workers are too often forced to rely on outdated, slow-moving and expensive remittance services to transfer their hard-earned money back home.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,” he stated.

The e-wallet stated that the ODL service is the latest example of its mission of expanding financial inclusion for underserved populations. The goal of Coins.ph is to provide anyone— including the unbanked—with simple access to financial services via their mobile device. 

Coins and OK Remit established their partnership through SBI Ripple Asia, a joint venture between SBI Holdings and Ripple. RippleNet is the global payments network of Ripple, the leader in enterprise blockchain and cryptocurrency solutions.

Accordingly, the collaboration will allow OK Remit to connect with Coins.ph and the digital asset trading platform SBI VC Trade via RippleNet for Japan-to-Philippines remittances. They noted that the ODL leverages the digital currency XRP as a bridge between the fiat currencies of Japan and the Philippines— which eliminates the need to prefund in the destination market and thus lowering operating expenses and freeing up capital.

“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,” OK Remit President Shujen Higashida said in a statement.

The tech behind the ODL offering illustrates how solutions that combine crypto and fiat elements can make previously complex and expensive financial transactions more accessible and inclusive. With the recent partnership it will now also leverage Coins.ph’s capabilities in crypto-to-fiat conversion.

“Our partnership with Coins.ph to launch RippleNet’s ODL service in Japan is a significant accomplishment and is a key factor in reaching and penetrating the Filipino market – one of our biggest markets. We constantly look at incorporating innovative technologies to address the needs of foreign residents in Japan and to meet a high level of customer satisfaction.” –Jayson Mandal, International Department Manager of Asian Net Co., Ltd

Recently, Coins.ph launched its “Coins Access” product, a white-label solution that will allow third-party platforms to offer crypto trading services to their users powered by the crypto exchange’s technology. The new service will allow its users to buy, sell, and store more than 20 crypto coins and tokens. (Read more: Coins.ph Unveils ‘Coins Access’ Service To Allow Digital Platforms to Offer Crypto)

In a press conference last month, Wei Zhou also revealed the future plans of his company including the goal of onboarding more traditional artists and collectors into the NFT space and building a game center on its app. (Read more: Conquest Event Recap: Coins.ph CEO Reveals NFT, P2E Game Center Plans)

In July, Coins also launched its “Redeem Crypto” Service which allows prepaid and postpaid subscribers of Globe to exchange their reward points on GlobeOne app for any crypto that is available on the coins.ph app. (Read more: Coins.ph Partners with Globe to Offer “Redeem Crypto” Service)

This article is published on BitPina: Coins.ph Taps OK Remit to Enable Low-Cost Remittances via RippleNet

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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