SBI Remit Co., Ltd, a major player in international remittance services under the SBI Group, has announced a significant expansion of its partnership with Ripple and SBI Ripple Asia. The partnership will launch an international remittance service using the cryptocurrency Ripple as a bridge currency for bank accounts in the Philippines, Vietnam and Indonesia.
“Since 2017, SBI Remit has been using Ripple Payments provided by Ripple for international remittance services,” the official press release said. company, the service utilizes the crypto asset XRP as a bridge currency between two fiat currencies.”
SBI expands partnership with Ripple
The move is not SBI Remit’s first foray into XRP-based remittances. In 2021, the company launched a service for digital wallets in the Philippines, making it a pioneer in using XRP as a bridge currency for international remittances in Japan.
The newly launched program aims to simplify the international money transfer process. The official press release details: “In this constructed scheme, SBI Remit sends a client’s remittance request and SBI VC Trade responds to that request by sending XRP in real time.” This dynamic approach is enabled through a strategic alliance with Tranglo Pte. of. Ltd. is a long-term partner of RIpple, ensuring that customers receive remittances in local fiat currency.
“By using XRP as a bridge currency, you can send money quickly and at low cost,” SBI emphasized in the statement. We believe this will bring stronger competitiveness in the international remittance business.”
Decisions against the Philippines, Vietnam and Indonesia are strategic. These countries see a significant portion of remittances deposited directly into bank accounts, making them prime targets for XRP adoption. SBI Remit expects that the launch of this XRP-based remittance service will further accelerate the adoption of cryptocurrencies in these countries.
Yoshitaka Kitao, Chairman and CEO, SBI Holdings shared The development underscores the company’s commitment to revolutionizing international money transfer services. The press release also noted that while the service currently targets three Asian countries, SBI Remit is committed to expanding its coverage.
“Going forward, through partnerships with Ripple and other fintech companies, SBI Remit will strive to increase the number of countries where remittances can be sent and expand services to enable corporate transactions and inbound transactions,” the company said.
At press time, XRP is trading at $0.5007.
Featured image via TheNextWeb, chart via TradingView.com