SBI Expands Ripple Remittance Technology to Banks in Vietnam, Indonesia, Philippines
SBI, one of Japan’s leading financial holding companies, has partnered with Ripple and SBI Ripple Asia to offer an innovative XRP remittance service to bank accounts in Southeast Asian countries. This partnership demonstrates SBI’s commitment to leveraging blockchain technology to enhance international remittance services.
Ripple and SBI Remit: A Strong Partnership
SBI Remit, a subsidiary of SBI Group, has been utilizing Ripple’s payment services for international remittances since 2017. This longstanding partnership has allowed SBI Remit to provide fast and reliable remittance solutions to customers around the world.
In 2021, SBI Remit took another bold step by introducing remittance services using XRP to crypto wallets in the Philippines. This move made SBI Remit the first company in Japan to offer such services. The success of this venture has paved the way for further exploration of the potential of crypto-based remittance services.
Expanded Services to Southeast Asian Countries
SBI Remit’s latest update brings exciting news for customers in the Philippines, Vietnam, and Indonesia. With the expansion, SBI Remit will use XRP as a bridge currency to facilitate fast and cost-effective remittances to bank accounts in these countries.
The decision to include these specific countries is driven by the high volume of remittances to bank accounts in these regions. SBI expects this service to gain widespread adoption, given the significant demand for efficient remittance solutions in these areas.
Collaboration with Tranglo for Expansion
SBI has partnered with Tranglo, a leading cross-border payment solutions company, to make this expansion possible. Tranglo’s expertise in international settlements and its extensive network have played a crucial role in enabling SBI Remit to extend its payment technology services to Southeast Asian countries.
Together, SBI and Tranglo aim to revolutionize the remittance landscape in these regions by offering a seamless and secure platform for cross-border transactions.
Timeline for Rollout
SBI has not disclosed an exact date for the availability of this service. However, the company has stated that the rollout will occur within this month. Customers in the Philippines, Vietnam, and Indonesia can look forward to benefiting from this innovative remittance service in the near future.
Ripple’s Rising Adoption in Japan
Ripple’s services continue to gain traction in Japan, despite the ongoing legal battle with the United States Securities and Exchange Commission (SEC). In April 2023, three major Japanese banks, Yamaguchi, Momiji, and Kitakyushu, started supporting a RippleNet-based remittance service called MoneyTap P2P.
These banks, with their extensive network of branches and large customer base, are key players in Japan’s banking industry. The adoption of Ripple’s technology by such established institutions further highlights the potential of blockchain-based remittance solutions.
SBI’s expansion of Ripple remittance technology to Vietnam, Indonesia, and the Philippines marks a significant milestone in the development of cross-border payment solutions. By leveraging XRP as a bridge currency, SBI aims to provide customers in these countries with faster and more cost-effective remittance options.
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