SBI Remit and Ripple Partner to Bring XRP-Powered Remittance to Southeast Asia
SBI Remit, the international money transfer branch of SBI Group, and blockchain pioneer Ripple have joined forces to create a new venture called SBI Ripple Asia.
Their goal is to introduce Ripple’s XRP-enabled remittance solution to bank accounts in the Philippines, Vietnam, and Indonesia, with implementation starting this month. SBI Remit has been using Ripple’s services for cross-border money transfers since 2017, and in 2021, they introduced a crypto solution powered by Ripple, becoming the first international money transfer service in Japan to utilize XRP.
Building on this success, the expansion will now include bank accounts in three Southeast Asian nations known for their significant remittance activity. With real-time XRP-based transfers and a partnership with remittance company Tranglo, this initiative offers speed, cost-effectiveness, and scalability, enhancing SBI Remit’s competitive edge in international remittances.
Clever Robot News Desk 10th September 2023
