SBI Remit Expands Ripple XRP Based Remittance Services

Today, SBI Remit, a subsidiary of SBI Group that specializes in providing services for international money transfers, made the announcement that it would expand its remittance services that are based on XRP to bank accounts in the Philippines, Vietnam, and Indonesia. These three countries are: Philippines, Vietnam, and Indonesia. The digital asset known as XRP is used by the service in the capacity of a bridge currency to facilitate real-time, low-cost international payments.

SBI is making calculated moves into the cryptocurrency market. Recently, the Japanese financial conglomerate led a $36 million Series A funding round for Zodia Custody, as reported by Blockchain.News, a cryptocurrency custody subsidiary of Standard Chartered. With this investment, SBI Holdings has reportedly become the second-largest shareholder in Zodia Custody.

The Situation

Since 2017, SBI Remit has been able to improve the quality of its international money transfer services by integrating Ripple Payments. The firm launched a crypto-enabled solution in 2021 that made use of XRP, making it the first product of its sort to be released in Japan. The service at first focused on cryptocurrency wallets located in the Philippines.

The expansion into Southeast Asian markets

According to the most recent release, the scope of SBI Remit's XRP-based remittance services will now be expanded to cover bank accounts in the Philippines, Vietnam, and Indonesia. "These countries have a high share of bank account-based remittances, and we expect accelerated adoption in the future," the business said in a statement.

Ripple's technology is increasingly becoming a go-to solution for remittance services, thanks to its real-time, low-cost transaction capabilities. In 2021, Blockchain.News reported that Ripple entered into a strategic partnership with MoneyGram, a leading player in the global remittance market.

Specifications and Formulas

As part of the recently implemented plan, SBI Remit will be responsible for transmitting client remittance requests to the firm, which would then prompt a real-time transfer of XRP. Customers will now have the ability to receive monies in their respective local currencies as a result of the company's partnership with TRANGLO Pte. Ltd., a market leader in the sector of money transfers.

Advantage over Competitors

SBI Remit's goal is to provide quick and inexpensive money transfer services to its customers by using XRP as a bridge currency. According to the official statement, "The system may have the capability of enhancing competitiveness in the international money transfer business." SBI Remit uses a technology called Ripple Payments, which has the ability to reduce the costs associated with money transfers and allow real-time settlements.

Image source: Shutterstock