As part of a strategic move by SBI Remit, the international money transfer arm of SBI Group, and blockchain pioneer Ripple have announced their ground-breaking collaboration, creating a joint venture known as SBI Ripple Asia. The main goal of this venture is to implement Ripple’s XRP-enabled money transfer solution to bank accounts in the Philippines, Vietnam, and Indonesia, which will begin rolling out this month.
SBI Remit has been using Ripple’s innovative services for cross-border money transfers since 2017. In 2021, they took a pioneering step with the introduction of a Ripple-based crypto solution, marking the first international money transfer service in Japan to use XRP as an intermediate currency between two legal currencies and transfer funds to a crypto wallet in the Philippines.
Under the new agreement, SBI Remit will process customer money transfer requests in real time by sending XRP. They have partnered with Tranglo, a reputed money transfer company, to ensure that recipients can easily receive funds in their local currency. Using XRP as an intermediate currency offers speed and cost-effectiveness. It also improves scalability, allowing funds to be transferred to Ripple partners around the world, making SBI Remit more competitive in the international money transfer industry.