Japanese financial powerhouse, SBI Group, is making waves in the world of international remittances. In an announcement, SBI Remit, the international remittance services arm of SBI Group, has joined forces with Ripple and SBI Ripple Asia to introduce an XRP-powered remittance service that promises faster and more cost-effective transactions to bank accounts in key Southeast Asian nations.
A History of Innovation
SBI Remit has been at the forefront of leveraging Ripple’s payment solutions for international remittances since 2017. But their innovation didn’t stop there. In 2021, they made history in Japan by becoming the first to offer remittance services using XRP to crypto wallets in the Philippines.
Expanding Horizons
Now, SBI Remit is taking its game-changing payment technology to new heights. The remittance service will be extended to bank accounts in the Philippines, Vietnam, and Indonesia. How? By harnessing the power of XRP as a bridge currency, SBI Remit is poised to make remittances not just quicker but also more cost-effective for users in these countries.
A Promising Future
Why the confidence in this expansion? SBI has identified a ripe opportunity as these countries see substantial volumes of remittances to bank accounts. Additionally, SBI’s strategic partnership with the cross-border payment solutions provider, Tranglo, plays a pivotal role in making this expansion a reality
An exact launch date remains undisclosed. However, SBI assures us that the service will be up and running within this month. Get ready for a new era of remittances!
Japan Embraces Ripple
Interestingly, Ripple’s services are rapidly gaining ground in Japan, even amidst the legal battles it faces in the United States. On April 17, prominent Japanese banks – Yamaguchi, Momiji, and Kitakyushu – took the plunge by supporting a RippleNet-based remittance service known as MoneyTap P2P.
With a combined network of over 170 local branches, these banks are major players in the Japanese financial landscape. This further signals a bright future for Ripple in the Land of the Rising Sun.
Read More:
Visa Expands USDC Settlement Pilot to Solana Blockchain for Cross-Border Transactions
Sam Bankman-Fried Attorneys Request Bail Request, While DOJ Contends Laptop Access Seems Adequate