In a significant development, Japanese financial holding company SBI Group has announced its partnership with Ripple and SBI Ripple Asia to offer an XRP remittance service through its international remittance services arm, SBI Remit. This collaboration aims to provide fast and cost-effective remittance options to bank accounts in several Southeast Asian countries.
SBI Remit has been utilizing Ripple’s payment services for international remittances since 2017. In 2021, SBI Remit took the lead in Japan by introducing remittance services using XRP to crypto wallets in the Philippines. With the latest partnership update, SBI Remit aims to extend its payment technology to bank accounts in the Philippines, Vietnam, and Indonesia. By utilizing XRP as a bridge currency, this service will enable efficient and affordable remittance transactions.
SBI expects the adoption rate of this new service to accelerate, given the high volume of remittances to bank accounts in the targeted Southeast Asian countries. By catering to this demand, SBI Remit aims to capture a significant market share in the region’s remittance industry. The company’s strategic partnership with Tranglo, a cross-border payment solutions company, further enhances its capabilities to expand its service offering in these countries.
Although an exact date for the availability of the service has not been specified, SBI has assured that the XRP remittance service will be rolled out within this month. This suggests that users can expect to benefit from the fast and reliable remittance options in the very near future.
Despite facing an ongoing lawsuit in the United States, Ripple’s services continue to gain traction in Japan. In April 2021, Japanese banks Yamaguchi, Momiji, and Kitakyushu started supporting a RippleNet-based remittance service called MoneyTap P2P. These banks, collectively having over 170 local branches, are key players in the Japanese banking industry. This partnership with SBI Remit further showcases Ripple’s ability to attract major financial players in Japan.
SBI Remit’s partnership with Ripple and SBI Ripple Asia to offer XRP remittance services in Southeast Asia brings new opportunities for individuals and businesses in the region. By leveraging Ripple’s technology and XRP as a bridge currency, SBI Remit aims to revolutionize the remittance industry by providing fast and cost-effective cross-border transactions. As the service becomes available in the Philippines, Vietnam, and Indonesia, it will contribute to the growth of the overall fintech ecosystem in these countries. With Ripple’s continued adoption and collaboration with major institutions, it is clear that the company’s presence in Japan and Southeast Asia is steadily expanding.
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