Japanese financial holding company SBI Group has unveiled a strategic collaboration involving its international remittance services subsidiary, SBI Remit, joining forces with Ripple and SBI Ripple Asia. Their collective aim is to introduce an XRP-based remittance service that will facilitate transfers to bank accounts situated in various Southeast Asian nations.
SBI Remit has been leveraging Ripple’s payment services for cross-border remittances since 2017, and in 2021, it took a pioneering step within Japan by offering remittance solutions using XRP to crypto wallets in the Philippines. With this latest development, the payment technology service is set to broaden its horizons to encompass bank accounts in the Philippines, Vietnam, and Indonesia. In this initiative, SBI Remit will utilize XRP as an intermediary currency, enabling swifter and more cost-efficient remittance transactions.
According to their announcement, SBI anticipates a surge in adoption, especially given the substantial volume of remittances to bank accounts in the aforementioned countries. Notably, SBI also underlined its partnership with the cross-border payment solutions firm Tranglo as a key enabler of this expansion.
While SBI did not specify the exact launch date for the new service, they indicated that it would be rolled out within the current month. Remarkably, Ripple’s services are continuing to gain traction in Japan despite its ongoing legal battle in the United States.
On April 17, several prominent Japanese banks, including Yamaguchi, Momiji, and Kitakyushu, commenced supporting a RippleNet-based remittance service named MoneyTap P2P. These banks collectively oversee more than 170 local branches and are significant players in the Japanese banking landscape.
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