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Despite legal troubles in U.S., Ripple promotes cross-border payments using XRP in Asia and the Middle East

Despite legal troubles in the U.S., Ripple has been working to bring faster and cheaper cross-border payments in XRP in Asia and the Middle East through its partnership with Tranglo.

Ripple expands cross-border payments using XRP with Tranglo in Asia, Al Ansari Exchange in Middle East

Ripple has partnered with a Malaysia-based cross-border payments provider, Tranglo. They also launched their first On-Demand Liquidity (ODL) service on RippleNet in the Philippines, with plans for more remittance corridors in the coming months.

Ripple’s ODL service uses XRP for liquidity in cross-border transactions. This announcement comes after Ripple acquired a 40% stake in Tranglo in March as part of its plans to expand RippleNet in Southeast Asia.

The Philippines is a significant market for remittances. It is the third-largest recipient of remittances in Asia, where remittances sent by Filipinos working abroad are an economic lifeline. According to World Bank data, personal remittances received in the Philippines accounted for 9.7% of the country’s GDP in 2020.

“We have successfully unified local and regional support infrastructure using XRP as the bridging currency,” said Jacky Lee, Tranglo Group CEO, stated. “With ODL and RippleNet, our partners can look forward to a more seamless payment experience.”

Ripple’s payments business has seen strong growth, especially in Asia, with transaction volumes up 130% year-over-year.

Recently, Ripple also announced that Al Ansari Exchange, a UAE-based foreign exchange and worldwide money transfer company, is leveraging RippleNet Cloud to provide same-day remittances to Malaysia with MoneyMatch, a money transfer technology company.

In August, South Korean money transfer company Global Money Express Co. Ltd (GME Remittance) joined RippleNet to expand remittances between Korea and Thailand.

Ripple is also trying to expand the use of XRP Ledger technology beyond digital payments and remittances to CBDC. However, in the United States, Ripple is still caught up in a lawsuit with the United States Securities and Exchange Commission (SEC) over an alleged $1.38 billion worth of XRP securities offering to be unregistered.

In a court ruling on October 20, U.S. District Court Judge Sarah Netburn approved the SEC’s request to extend the expert’s findings deadline to January 14, 2022, with reports. The rebuttal was exchanged on November 12, 2021.

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