Japanese financial giant SBI's subsidiary, SBI Remit, has announced a partnership with SBI Holdings and Ripple's joint venture, SBI Ripple Asia, to gradually offer international remittance services using the cryptocurrency XRP to countries in Southeast Asia, including the Philippines, Vietnam, and Indonesia.
Since 2017, SBI Remit has been using Ripple's Ripple Payments for its international remittance services. In 2021, they introduced a solution that uses cryptocurrencies, providing Japan's first international remittance service using XRP as a bridge currency between two fiat currencies, and launched a service for cryptocurrency wallets in the Philippines. Now, SBI Remit is expanding its XRP international remittance services to bank accounts in the Philippines, Vietnam, and Indonesia.
SBI Remit states that using XRP as a bridge currency allows for fast and cost-effective remittances, with excellent scalability, making it easy for users to send money to Ripple's global partners worldwide.
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