Several companies and institutions in Asia have adopted XRP through partnerships with Ripple to improve the efficiency of cross-border payments. Here are some of them:
SBI Remit (Japan): This subsidiary of SBI Group has been working with Ripple since 2017 to provide international money transfer services using XRP as an intermediary currency. The service has expanded to countries such as the Philippines, Vietnam, and Indonesia.
MoneyTap (Japan): This payment app powered by RippleNet has been adopted by several Japanese banks, including Yamaguchi, Momiji, and Kitakyushu Bank, to facilitate real-time domestic fund transfers.
Tranglo (Southeast Asia): Ripple owns a 40% stake in Tranglo, a cross-border payments services company operating in Southeast Asia. The partnership aims to expand the use of XRP in cross-border transactions in the region.
HashKey DX (Japan): Ripple has partnered with Tokyo-based HashKey DX to bring the XRP Ledger to the Japanese market, expanding the adoption of blockchain technology in the country.
ShopeePay (Southeast Asia): Although not a direct partner of Ripple, ShopeePay is powered by Tranglo, which is a partner of Ripple. This shows the potential of using XRP in the ShopeePay payment ecosystem in Southeast Asia.
In addition, South Korea is known as one of the countries with significant crypto adoption, where XRP has become one of the most popular crypto assets since 2017, especially due to its transaction speed.
The adoption of XRP by various companies and institutions in Asia shows its important role in increasing the efficiency and speed of cross-border transactions in the region.
For more information, you can watch the following video discussing VELO, dubbed as the "XRP of Asia":