- SBI Remit, a leading player in the international money transfer service sector under the SBI Group, is making significant strides in the world of blockchain and cryptocurrency solutions.
- In 2021, the company introduced a solution integrating crypto assets into Ripple Payments, utilizing XRP as a bridge currency between two legal currencies.
- SBI Remit aims to enable fast and cost-effective money transfers using XRP as the bridge currency. The excellent scalability provided by XRP makes it easier to send money to Ripple’s international partners.
Ripple continues to rapidly expand its presence in the corporate services sector; SBI Group’s SBI Remit subsidiary is entering into a new partnership with Ripple.
Japan-Based SBI to Collaborate with Ripple
SBI Remit, a major player in the international money transfer service sector under the SBI Group, is making significant progress in the world of blockchain and cryptocurrency solutions. SBI Remit is an organization that offers cutting-edge financial solutions, backed by investments from SBI Holdings, and is preparing to transform the market in collaboration with SBI Ripple Asia, a joint venture between SBI Holdings and Ripple.
Starting this month, SBI Remit and SBI Ripple Asia plan to launch international money transfer services targeting bank accounts in the Philippines, Vietnam, and Indonesia using the XRP cryptocurrency, according to a recent press release by SBI Holdings.
SBI Remit has been using the Ripple Payments system provided by Ripple for international money transfer services since 2017. In 2021, the company introduced a solution that integrates crypto assets into Ripple Payments, effectively using XRP as a bridge currency between two legal currencies. This groundbreaking move was initially implemented in Japan as the first international money transfer service used for cryptocurrency wallets in the Philippines.
SBI Remit aims to expand the scope of XRP-based international money transfers to bank accounts in the Philippines, Vietnam, and Indonesia, broadening its horizons. These countries are excellent candidates for the adoption of this cutting-edge service because they have a high percentage of transfers to bank accounts.
SBI Remit aims to enable fast and cost-effective money transfers using XRP as the bridge currency. The excellent scalability provided by XRP makes it easier to send money to Ripple’s international partners. It is expected that this step will enhance SBI Remit’s competitiveness in the global money transfer industry.
Growing Acceptance of XRP
As SBI Remit and SBI Ripple Asia continue to showcase their transformative power, they are disrupting and redefining the landscape of global financial transactions, highlighting the transformative power of blockchain technology and digital assets.
In addition, a growing number of recognized brands, including AMC Theatres, Newegg, South Africa-based Prepaid Gamer Online, Ace Jewelers, Latvia-based airline AirBaltic, and many others, are enabling direct payments with XRP, further demonstrating its increasing acceptance.
