SBI Group, a well-known financial holding company from Japan, has recently announced its partnership with Ripple and SBI Ripple Asia to offer an innovative XRP (XRP) remittance service through its international remittance services arm, SBI Remit. This collaboration aims to provide efficient and cost-effective remittance solutions to bank accounts in various Southeast Asian countries.
SBI Remit has been utilizing Ripple payment services for international remittances since 2017, demonstrating its long-term commitment to embracing advanced technologies in the financial sector. The company has also ventured into the realm of cryptocurrencies, becoming the first in Japan to offer remittance services using XRP to crypto wallets in the Philippines in 2021.
Expanded Remittance Service
With this recent partnership update, SBI Remit is set to broaden its payment technology services to encompass bank accounts in the Philippines, Vietnam, and Indonesia. By utilizing XRP as a bridge currency, SBI Remit aims to facilitate fast and affordable remittance transactions. This expansion is expected to be well-received, considering the significant volume of remittances to bank accounts in the aforementioned countries.
In order to realize this expansion, SBI Remit has collaborated with Tranglo, a renowned cross-border payment solutions company. This strategic partnership plays a crucial role in enabling the seamless integration of SBI Remit’s remittance services into the banking systems of the targeted Southeast Asian countries.
Timeline of Service Availability
Although an exact date was not mentioned in the announcement, SBI emphasized that the rollout of the XRP remittance service will be completed within this month. This timeline indicates the urgency and priority with which SBI Remit aims to introduce their innovative payment solution to the market.
Despite facing an ongoing lawsuit in the United States, Ripple’s services continue to gain traction in Japan. Several Japanese banks, including Yamaguchi, Momiji, and Kitakyushu, have recently embraced a RippleNet-based remittance service called MoneyTap P2P. Given their extensive local branch networks and prominent presence in the Japanese banking industry, these banks’ support further validates the trust and confidence in Ripple’s offerings.
The collaboration between SBI Remit, Ripple, and SBI Ripple Asia marks a significant milestone in the evolution of international remittance services. By leveraging the power of Ripple’s payment solutions and the integration of XRP as a bridge currency, SBI Remit aims to revolutionize the remittance landscape in Southeast Asia, enabling faster and more cost-effective transactions. This partnership demonstrates SBI Group’s commitment to embracing innovative technologies and its dedication to providing cutting-edge financial solutions to its customers. As Ripple continues to expand its presence globally, the Japanese adoption of its services serves as a testament to the value and potential of this partnership.