Several companies and institutions in Asia have adopted XRP, a cryptocurrency developed by Ripple, to improve the efficiency of cross-border payments and other financial services. Here are some of them:
SBI Remit: This subsidiary of Japan’s SBI Group has been using Ripple’s payment services since 2017. They are expanding their international remittance services by using XRP as a bridge currency for money transfers to the Philippines, Vietnam, and Indonesia.
FOMO Pay: This leading Singaporean fintech company has partnered with Ripple to leverage On-Demand Liquidity (ODL), allowing them to make instant and cost-effective settlements in EUR and USD globally.
dLocal: This Ripple partner has partnered with ShopeePay to expand its payments reach in the Southeast Asian market, allowing merchants to accept payments from various countries in the region.
Banks in Japan: Several banks in Japan, such as Yamaguchi, Momiji, and Kitakyushu, have adopted MoneyTap, a P2P payment app powered by RippleNet, to improve their domestic and international payment services.
South Korea: The country is leading crypto adoption in East Asia, with XRP being one of the most popular crypto assets since 2017, mainly due to its transaction speed of only 3-5 seconds.
The adoption of XRP by companies and institutions in Asia shows the potential of this cryptocurrency to revolutionize the payment system and financial services in the region.