XRP-Boosted SBI Remit: Southeast Asian Expansion

Martin Walker
Sep 10, 2023 at 10:43 am

The Japanese financial conglomerate, SBI Group, has made a splash with an exciting announcement regarding its international remittance arm, SBI Remit. In a groundbreaking move, SBI Remit has joined forces with Ripple and SBI Ripple Asia to introduce an XRP-powered remittance service, sending ripples of anticipation through the industry and creating waves of innovation in the fintech landscape.

SBI Remit's journey with Ripple's robust payment solutions dates back to as early as 2017, solidifying a partnership that has stood the test of time. What's even more remarkable is that in 2021, SBI Remit took a pioneering leap by becoming the very first Japanese entity to offer remittance services using XRP to crypto wallets situated in the Philippines, showcasing their commitment to cutting-edge technology.

This latest development represents a quantum leap in payment technology services, extending its reach to bank accounts not just in the Philippines but also in Vietnam and Indonesia, marking a significant expansion of financial connectivity in the Southeast Asian region. The secret sauce behind this innovation is the strategic use of XRP as a bridge currency, facilitating lightning-fast and cost-efficient remittance transactions, thereby reducing the friction in cross-border money transfers.

The anticipated surge in adoption is grounded in the sheer volume of remittances flowing into bank accounts in these countries, providing a substantial opportunity for financial inclusion and access to global markets. And let's not forget, SBI has a strategic partnership with the cross-border payment solutions firm, Tranglo, which adds an extra layer of momentum to this expansion, making it a formidable force in the world of international remittances.

While the exact launch date remains a closely guarded secret, rest assured that SBI is committed to rolling out this service within the current month, keeping stakeholders on the edge of their seats with great expectations.

Remarkably, despite the ongoing legal challenges Ripple faces in the United States, its services continue to gain significant traction in the Japanese market, defying odds and showcasing resilience. As a testament to this, three prominent Japanese banks—Yamaguchi, Momiji, and Kitakyushu—have recently thrown their weight behind MoneyTap P2P, a RippleNet-based remittance service. These banks collectively boast an impressive network of over 170 local branches, solidifying their status as major players in Japan's banking landscape and reinforcing Ripple's growing influence in the region.

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