<\/p>\n
SBI Remit, an international remittances subsidiary under Japan\u2019s SBI Holdings, has expanded its services using Ripple\u2019s XRP to bank accounts in the Philippines, Vietnam and Indonesia.<\/p>\n
The move comes in partnership with SBI VC Trade, an affiliate within the SBI Group and San Francisco-based blockchain firm Ripple, the companies revealed Wednesday.\u00a0<\/p>\n
By leveraging XRP as a bridge currency, SBI Remit is hoping for quicker, more cost-effective money transfers, aiming to accelerate adoption in targeted markets, according to a translation of a statement<\/a>.<\/p>\n The operational framework for the newly expanded service will see SBI VC Trade executing real-time transfers of XRP in response to remittance requests initiated by SBI Remit.\u00a0<\/p>\n To further its cross-border services, SBI Remit has entered into a partnership with Malaysia-based Tranglo, a cross-border payments provider, facilitating remittances in local fiat currencies.\u00a0<\/p>\n SBI Remit aims to target Southeast Asian markets, where daily remittance volumes channeled into local bank accounts are considered to be a lucrative business.<\/p>\n Cross-border inflows across South Asia last year surged more than 12%, reaching $176 billion, fueled by robust labor markets in OECD host countries, according to the World Bank\u2019s figures<\/a>.<\/p>\n Since 2017, SBI has utilized Ripple Payments, Ripple\u2019s international money transfer system, to facilitate cross-border transactions.\u00a0<\/p>\n In 2021, SBI Remit adopted XRP as a bridge within its Ripple Payments system, marking the first instance in Japan of utilizing crypto as a bridge between two distinct fiat currencies.\u00a0<\/p>\n Future expansion plans include a focus on corporate and inbound transactions, to be achieved through partnerships with Ripple and other fintech firms, SBI said.<\/p>\n A crypto-focused subsidiary<\/a> of the Japanese financial services giant, seeking to expand its involvement in the industry, was granted a license last year to begin offering its securities to institutional clients in Singapore.<\/p>\n Get the day\u2019s top crypto news and insights delivered to your email every evening.\u00a0Subscribe to Blockworks\u2019 free newsletter<\/a>\u00a0now.<\/strong><\/p>\n Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can\u2019t-miss tweets and more from\u00a0Blockworks Research\u2019s Daily Debrief<\/a>.<\/strong><\/p>\n Can\u2019t wait? Get our news the fastest way possible.\u00a0Join us on Telegram<\/a>\u00a0and follow us on\u00a0Google News<\/a>.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" SBI Remit, an international remittances subsidiary under Japan\u2019s SBI Holdings, has expanded its services using Ripple\u2019s XRP to bank accounts in the Philippines, Vietnam and Indonesia. The move comes in partnership with SBI VC Trade, an affiliate within the SBI Group and San Francisco-based blockchain firm Ripple, the companies revealed Wednesday.\u00a0 By leveraging XRP as […]<\/p>\n","protected":false},"author":2,"featured_media":151440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-151439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=151439"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151439\/revisions"}],"predecessor-version":[{"id":151442,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151439\/revisions\/151442"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/151440"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=151439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=151439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=151439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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