Hi5 CEO Ramu Yalamanchi announced today that the Hi5 Platform, built using OpenSocial standards, is set to go live on March 31. Since the first Hi5 Platform apps launched in December, Hi5 has been preparing its Platform to launch with full OpenSocial 0.7 support.

While Facebook and MySpace largely dominant the American and English speaking markets, Hi5 prides itself on the fact that it’s the most trafficked site in over 10 countries in Latin America, Europe, and Asia, and under one third of its userbase are also active on other leading social networks.

In order to help developers reach its predominantly international user base, Hi5 is offering free translation services (into either English or Spanish) and free hosting for the first 100 apps that are approved for the Hi5 Platform.

On a related note, though it has just recently launched translation versions of its own site, Facebook has announced that it will make its crowd-sourced translation tools freely available to developers on the Facebook Platform.

Hi5 is coordinating a “bi-national” hackathon this Saturday at the Google campus in Mountain View, CA, and the Campus Estado de Mexico of the Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM) in Mexico. Developers interested in learning more can check out the Hi5 Platform here.