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Despite its legal troubles in the U.S., San Francisco-based blockchain payments company Ripple has been pushing ahead to bring faster and cheaper cross-border payments using XRP in Asia and the Middle East.
Fast facts
- Ripple and Tranglo, a Malaysia-based cross-border payments provider, today announced that Tranglo has launched its first live On-Demand Liquidity (ODL) service on RippleNet — Ripple’s global payments network for financial institutions — in the Philippines, with plans for more remittance corridors in the coming months. Ripple’s ODL service uses XRP for liquidity during cross-border transactions. The announcement follows Ripple’s acquisition of a 40% stake in Tranglo in March as part of its expansion plans for RippleNet in Southeast Asia.
- The Philippines is a key market for remittances. It is Asia’s third-largest remittance receiving country, where funds sent by Filipinos working overseas are an economic lifeline. Personal remittances received in the Philippines accounted for 9.7% of the country’s GDP in 2020, according to World Bank data.
- “We have successfully unified local and regional support infrastructure using XRP as the bridging currency,” said Jacky Lee, Tranglo Group CEO, in a statement. “With ODL and RippleNet, our partners can look forward to a more seamless payment experience.”
- Ripple’s payments business has seen strong growth, particularly in Asia, with transactions increasing 130% year-over-year.
- This week, Ripple announced that Al Ansari Exchange, a UAE-based foreign exchange and worldwide money transfer company, was leveraging RippleNet Cloud — Ripple’s global cloud-based financial network technology — to provide same-day remittances to Malaysia with MoneyMatch, a money transfer technology company.
See related article: SEC calls Ripple’s 30,000 legal requests in XRP lawsuit ‘abusive’ and ‘crushing’
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