Ripple has recently announced a strategic partnership with Azimo, a London-based virtual money transfer company. Azimo will leverage the On-Demand Liquidity product to facilitate faster and inexpensive payments in the Philippines. This implies that the firm will be using XRP as a bridge currency.
XRP For Fostering Cheap and Fast Payments In The Philippines
On February 26, Ripple announced that it has collaborated with one of the largest money transfer firms based in Europe. As per the announcement, Azimo will use Ripple’s On-Demand Liquidity (ODL) –a cross-border payment product that utilizes XRP- to make international payments in the Philippines faster and less expensive. The money transfer company is planning to expand its use of the ODL across other corridors this year.
Speaking about this new partnership with Ripple, Azimo CEO Richard Ambrose had this to say:
“We’ve been interested for a long time in the potential of digital assets like XRP to make cross-border payments better for customers. Ripple’s ODL solution has significantly reduced the cost and delivery time for cross-border transfers, and our customers are seeing the benefits.”
This deal with Azimo is great news for the XRP army because the Philippines boasts a huge remittance market. According to research conducted by the World Bank, Filipinos received around $34 billion from migrant workers in 2018.
According to Ripple, this tie-up with Azimo proves that ODL offers a solution that is both cost-effective and fast, unlike other global payments services. The company cites firms like goLance, FlashFX, and Viamericas that are also leveraging XRP-powered ODL for cross-border payments.
Ripple Expands Foothold In South East Asia
Notably, the partnership with Azimo is not the only recent partnership for the San Francisco-based firm.
Less than 24 hours ago, Ripple announced its collaboration with eight South Korean firms. The three firms namely Sentbe, Hanpass, and WireBarley have joined the RippleNet consortium and will be using Ripple’s technology for their cross-border payments.
It’s worth noting that these three, however, will not be using the On-Demand Liquidity product.