Despite its legal troubles in the US, Ripple is expanding its use of XRP in Southeast Asia’s lucrative and rapidly growing international money transfer market.
Despite its legal problems in the US, Ripple continues to enter the Asia Pacific payments market with its recent partnership with Novatti, a digital banking and payment company listed on the Australian Stock Exchange.
According to a Ripple blog post, Novatti has implemented Ripple’s On-Demand Liquidity (ODL) service, which uses RippleNet’s XRP token for instant, cross-border payments to make remittance payments from Australia to Southeast Asia cheaper and faster. joined the payment network. .
The partnership with Novatti came after Ripple purchased a 40% stake in Asian cross-border payments specialist Tranglo last month as part of the expansion of the RippleNet global payment network.
Which countries are on the agenda
The partnership, signed last December, initially focused on remittances between Australia and the Philippines through iRemit, a Philippine-owned remittance service provider.
According to the blog post, the Philippines is the third largest recipient of money in Asia, after India and China. Filipinos abroad sent US $ 33.19 billion to their countries in 2020.
The digital money transfer market of the Asia-Pacific targeted by Ripple is huge and has enormous potential for growth. According to a report published by Allied Market Research, it has the potential to reach a figure of US $ 269.78 billion by 2026.