SBI Remit Expands XRP-based Remittance Service in Southeast Asia with Ripple Partnership
Summary:
SBI Group's remittance services arm, SBI Remit, partnered with Ripple and SBI Ripple Asia to offer an XRP-based remittance service to bank accounts in Southeast Asian countries such as the Philippines, Vietnam, and Indonesia. The service aims to provide fast and cost-effective remittances by using XRP as a bridge currency. SBI Remit has been using Ripple payments services since 2017 and introduced solutions using XRP in 2021. The expansion was made possible through collaboration with payment solutions company Tranglo. The service is expected to be available within this month.
SBI Group, a Japanese financial holding company, has announced that its remittance services subsidiary, SBI Remit, has partnered with Ripple and SBI Ripple Asia to offer XRP remittance services to bank accounts in several Southeast Asian countries. The company has been using Ripple's payment services for international remittances since 2017 and has now expanded its offerings to include solutions using cryptocurrencies. SBI Remit claims to be the first in Japan to provide remittance services using XRP to crypto wallets in the Philippines. Through this partnership, SBI Remit aims to provide fast and cost-effective remittances by using XRP as a bridge currency. The company expects this service to gain momentum, considering the high volume of remittances to bank accounts in the Philippines, Vietnam, and Indonesia. SBI has also collaborated with Tranglo, a cross-border payment solutions company, to facilitate this expansion. The exact date of availability has not been disclosed, but the service is expected to be rolled out within this month. Ripple's services continue to gain traction in Japan, despite the ongoing legal issues it faces in the United States. In April, three major Japanese banks, Yamaguchi, Momiji, and Kitakyushu, started supporting a RippleNet-based remittance service called MoneyTap P2P, further illustrating the adoption of Ripple's solutions in the country.
Published At
9/6/2023 1:12:11 PM
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