Ripple is making a fuss about the proceedings as well as their expansion. The company has deployed a money transfer service to streamline cross-border payments with minimal cost and short settlement times. The company is already in contact with many markets for money transfer services, but the hold in the Philippines appeared to have doubled. This time, however, it has launched a link between Qatar and the Philippines.
Well-known banks QNB, Ripple Partners have emerged as the first banks to adopt RippleNet in Qatar. Banks have reportedly developed a direct remittance service for remittances from Qatar to the Philippines. QNB has partnered with China Bank, a private bank in the Philippines, to do this.
This allows Filipinos in Qatar to transfer funds almost instantly. However, the upper limit is PHP50,000.
It should be noted that the Philippines has won many remittances. Last year, Filipinos working abroad sent a whopping $ 31.4 billion in cash remittances. The pandemic did have an impact on this, but the numbers mentioned above are quite high.
Remittance with the Philippines
The country receives remittances from all over the world, but Qatar seems to be an important source of information. There are about 260,000 Filipinos in the area. It should be mentioned that in 2017, the Philippines was considered to have the fourth largest foreign workforce in the region. Engineers, national assistants, and medical professionals are all within that range.
Ripple seems to be using remittances from the Philippines. Therefore, it succeeded in creating an array of remittance corridors in the Philippines. The well-known cryptocurrency exchange SBIVC Trade has partnered with Coins.ph to send money from Japan to the Philippines. Filipinos in Japan reportedly contribute a whopping $ 2 billion each year.
Similarly, euro remittance company Azimo continued to build a bridge for cross-border payments with Ripple.
In addition, this extension shows how these money transfer services provided by Ripple can help. Such developments are strengthening industry use cases as banks and governments are interested in hiring crypto companies for remittances.