SBI Remit Collaborates with Ripple to Expand International Remittance Services
SBI Remit Co., Ltd., a prominent player in the international money transfer service sector, has announced a significant expansion in its partnership with Ripple and SBI Ripple Asia. This collaboration aims to introduce international remittance services using the cryptocurrency XRP as a bridge currency to bank accounts in the Philippines, Vietnam, and Indonesia.
SBI Remit’s Pioneering Efforts in XRP-based Remittances
SBI Remit has been utilizing Ripple Payments for its international remittance services since 2017, making it the first in Japan to offer an international remittance service that utilizes XRP as a bridge currency. In 2021, the company launched a service targeting digital wallets in the Philippines, establishing itself as a pioneer in leveraging XRP for international remittances in Japan.
The Streamlined Remittance Process
The newly unveiled scheme by SBI Remit aims to streamline the international remittance process. Through a strategic alliance with Tranglo Pte. Ltd., SBI Remit sends a customer’s remittance request, and SBI VC Trade sends XRP in real time in response. This dynamic approach ensures that customers receive remittances in their local legal currency.
By utilizing XRP as a bridge currency, you can send money quickly and at a low cost. XRP’s scalability allows for easy money transfers to Ripple’s partners worldwide, enhancing competitiveness in the international remittance business.
Targeting the Philippines, Vietnam, and Indonesia
The decision to target the Philippines, Vietnam, and Indonesia is strategic due to the significant share of remittances directed to bank accounts in these countries. SBI Remit believes that the introduction of XRP-based remittance services will accelerate crypto adoption in these nations.
Commitment to Revolutionize International Remittance Services
SBI Holdings chairman and CEO, Yoshitaka Kitao, shared this development, highlighting the company’s dedication to revolutionizing international remittance services. SBI Remit aims to expand its reach by partnering with Ripple and other fintech companies, increasing the number of countries where remittance is possible and expanding services for corporate and inbound transactions.
Hot Take: XRP’s Role in Facilitating Low-Cost International Remittances
The collaboration between SBI Remit and Ripple, utilizing XRP as a bridge currency, is a significant step towards revolutionizing the international remittance landscape. By leveraging XRP’s speed, low cost, and scalability, individuals can easily and affordably send money across borders. This partnership has the potential to drive widespread adoption of cryptocurrencies and reshape the global remittance industry.
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