SBI Broadens Ripple Remittance Technology Reach to Vietnam, Indonesia, Philippines Banks

Japanese financial conglomerate SBI Group has revealed an exciting development in its international remittance services branch, SBI Remit. In collaboration with Ripple and SBI Ripple Asia, the company is set to introduce an innovative XRP-based remittance service to bank accounts in various Southeast Asian nations.

This announcement underscores SBI Remit’s ongoing partnership with Ripple, which dates back to 2017 when they first integrated Ripple’s payment services for international remittances. Notably, SBI Remit ventured into cryptocurrency-based solutions in 2021, pioneering the provision of remittance services using XRP to cryptocurrency wallets in the Philippines—an industry first in Japan.

Now, with this latest enhancement, SBI Remit is extending its payment technology services to bank accounts in three key Southeast Asian countries: the Philippines, Vietnam, and Indonesia. This expansion leverages XRP as a bridge currency, facilitating swift and cost-effective cross-border remittances.

The move is strategically timed, as SBI anticipates heightened adoption given the substantial volume of remittances to bank accounts in these target nations. Additionally, SBI’s partnership with cross-border payment solutions provider Tranglo has played a pivotal role in making this expansion a reality.

Although an exact launch date was not disclosed in the announcement, SBI affirmed that the service would be rolled out within the current month, signaling a rapid deployment.

Notably, Ripple’s services are continuing to gain traction in Japan, despite the ongoing legal challenges the company faces in the United States. On April 17, several Japanese banks, including Yamaguchi, Momiji, and Kitakyushu, initiated support for a RippleNet-based remittance service known as MoneyTap P2P. These banks collectively operate more than 170 local branches and hold prominent positions in the country’s banking landscape. This development underscores the growing appeal and adoption of Ripple’s technology within Japan’s financial sector.

For more news, find me on Twitter or subscribe to my YouTube channel.

What is your opinion on this issue? Leave me your comment below! I’m always interested in your opinion!

Leave a Reply

Your email address will not be published. Required fields are marked *

Recommended for you