$138 Billion Financial Giant's Subsidiary Expands XRP Remittance Tech to Three Countries
As Ripple Labs' payment platform expands into Southeast Asia, the cryptocurrency company collaborates with a leading Japanese financial services powerhouse.
In a recent press release, Ripple Labs has announced a strategic partnership with SBI Remit, the remittance subsidiary of SBI Group, to facilitate international remittances to the Philippines, Vietnam, and Indonesia utilizing the digital asset XRP.
This collaboration aims to enable residents in these countries to receive remittances in their respective local currencies. As stated by SBI, '[In] a joint venture between SBI Holdings and Ripple, we will commence offering international remittance services utilizing the crypto asset XRP to bank accounts in the Philippines, Vietnam, and Indonesia starting this month…'
SBI Remit expedites remittance requests from customers, with XRP being sent in real-time as a response. Through partnering with Tranglo, a prominent entity in the fund transfer sector, recipients will have the ability to receive remittances in their local legal currencies.
SBI, overseeing assets worth $138 billion, selected the Philippines, Vietnam, and Indonesia due to their high and increasing remittance reception rates. They plan to expand the scope of international remittance services using XRP to bank accounts in these countries. XRP serves as an efficient bridge currency, facilitating swift and cost-effective money transfers. Its scalability, including seamless money transfers to Ripple's global partners, is expected to enhance competitiveness in the international money transfer arena.
As of the time of this writing, XRP is trading at $0.494, with a minor decrease observed in the past 24 hours.
Sep 07, 2023
