TechFlow news, Japanese financial group SBI Group's international remittance division, SBI Remit, has announced a partnership with Ripple to establish a joint venture named SBI Ripple Asia. The initiative aims to bring Ripple’s XRP-supported remittance solution to bank accounts in the Philippines, Vietnam, and Indonesia, with implementation beginning this month.
SBI Remit has been using Ripple's services for cross-border remittances since 2017. In 2021, they introduced a cryptocurrency-based solution utilizing XRP as an intermediary currency, transferring funds to cryptocurrency wallets in the Philippines, becoming Japan's first international remittance service to adopt this method.
This expanded collaboration targets the high demand for remittances into bank accounts across these Southeast Asian countries. SBI Remit will process customers' remittance requests in real time by sending XRP, partnering with remittance company Tranglo to ensure recipients can easily receive funds in local currencies.
