Ripple Eyes APAC Expansion Via On-Demand Liquidity Product

Ripple eyes APAC expansion since there’s an increase in the remittance sphere in the Asia Pacific region. However, according to an article by Pegah Soltani who is a Senior Product Marketing Manager at Ripple, there are a few issues with transferring the funds between local currencies as we are reading further in the XRP price news.

Soltani explained that the APAC market sees around 2 billion remittance transactions per year which is why Ripple eyes APAC expansion. Ripple aims to encourage the remittance services and banks to contact them if they want to improve the systems by using Ripple’s On-demand liquidity product that is backed by XRP. Soltani’s article explains that in the APAC region including Thailand and the Philippines, cash still plays the lead role when it comes to remittance services. 90 percent is named as the local payments value in cash in Thailand as per the report:

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

The same goes for the Philippines since the service providers have to be connected with major outlets that work with cash payouts. The current remittance solutions are quite hard to scale according to Soltani. There is a high need for pre-fund bank accounts but it makes the fees very high. The author drove the article towards a conclusion that Ripple’s on-demand liquidity services can improve the situation with remittances in the APAC region and can even make the transactions much more fast and cheap. Soltani offered the banks and remittance service providers to contact the crypto platform and see how the ODL services can improve and help them serve their customers better.

As it was recently reported here at DC Forecasts news in the previous XRP price news, Ripple increased its presence in some of the Asian Pacific countries. MoneyGram, the huge strategic partner of Ripple has also expanded recently, especially enhancing its presence in Singapore by setting up a website for the local users that can send funds via the On-Demand liquidity platform. Ripple made another key partnership with Intermex who is a leader in the remittance industry in Latin America.