SBI Remit and Ripple, a company that uses new technology to transfer money, are teaming up to create a new company called SBI Ripple Asia. This will help make international money transfers easier. The main aim of this project is to start using Ripple’s XRP technology to transfer money to bank accounts in the Philippines, Vietnam, and Indonesia starting this month.
SBI Remit has been using Ripple’s new services to send money across countries since 2017. In 2021, a new way to transfer money internationally was introduced in Japan using Ripple’s cryptocurrency. This was the first time a service in Japan used XRP to transfer funds between two different currencies and send money to a digital wallet in the Philippines.
In the new deal, SBI Remit will quickly send customer money using XRP. They teamed up with Tranglo, a well-known money transfer company, to make sure that people can easily get their money in their own country’s money. Using XRP as a middle currency is fast and saves money. It also makes it easier to send money to Ripple partners all over the world, which helps SBI Remit to be more competitive in the global money transfer business.