Ripple Partners with SBI Remit for International Money Transfers in Southeast Asia
Ripple Labs has formed a strategic alliance with SBI Remit, a subsidiary of SBI Group, to expand its presence in Southeast Asia. The collaboration aims to support international money transfers to the Philippines, Vietnam, and Indonesia using Ripple’s digital asset XRP.
Streamlining International Money Transfers
This partnership will allow residents of these countries to receive international money transfers in their local currencies. SBI Remit will process the remittance requests and pass them on to SBI VC Trade, a cryptocurrency exchange subsidiary of SBI Group. In real-time, SBI VC Trade will transmit XRP Ripple (XRP) to fulfill these requests. To secure recipients can access their funds in local currencies, SBI Remit has teamed up with Tranglo, a major player in worldwide fund transfers.
Focusing on High Remittance Nations
SBI Group has chosen the Philippines, Vietnam, and Indonesia due to the high volume of remittances received by these countries. The share of remittances going to bank accounts in these countries is whole lot of and expected to grow further in the future.
Advantages of Using XRP Ripple (XRP) as a Bridge Currency
XRP Ripple (XRP) offers plenty of advantages as a bridge currency. It allows fast and cost-effective money transfers while providing scalability features for seamless transactions with Ripple’s worldwide partners. SBI believes that utilizing XRP Ripple (XRP) in this way will strengthen their competitive edge in the international remittance market.
Hot Take: Ripple Expands Its Footprint in Southeast Asia Through Partnership with SBI Remit
Ripple Labs is strengthening its presence in Southeast Asia by teaming up with SBI Remit, a subsidiary of financial giant SBI Group. This collaboration intends to simplify international money transfers to the Philippines, Vietnam, and Indonesia using Ripple’s digital asset XRP Ripple (XRP). By leveraging XRP Ripple (XRP) as a bridge currency, SBI Remit and SBI VC Trade will enable residents of these countries to receive remittances in their local currencies swiftly and cost-effectively. This strategic move by Ripple and SBI Group capitalizes on the high volume of remittances received by these countries. With the use of XRP Ripple (XRP), SBI intends to strengthen its competitive advantage in the international remittance market.
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