SBI Remit, a prominent player in the global money transfer sector within the SBI Group, is embarking on an ambitious expansion journey in collaboration with Ripple and SBI Ripple Asia, according to a press release.
This strategic partnership marks a significant turning point in the world of international remittances, as it ushers in a new era of services that harness XRP as the central bridge currency. This innovative approach seamlessly links bank accounts in the Philippines, Vietnam, and Indonesia, revolutionizing cross-border transactions.
Since 2017, SBI Remit has been at the forefront of international remittances by utilizing Ripple Payments. However, the collaboration now goes beyond, as SBI Remit becomes the trailblazer in Japan, introducing international remittance services that leverage XRP as an intermediary between two distinct legal currencies.
This milestone signifies a remarkable progression in SBI Remit's commitment to XRP-based remittances. In 2021, the company made waves by introducing XRP-based services tailored for digital wallets in the Philippines, establishing itself as a pioneer in Japan for utilizing XRP as a bridge currency for international remittances.
The novel approach introduced through this partnership is designed to simplify the intricate international remittance process. When a customer initiates a remittance request, SBI Remit swings into action, with SBI VC Trade promptly dispatching XRP in real-time response.
This partnership underscores the growing importance of cryptocurrencies like XRP in international finance, offering users a more efficient and cost-effective solution for cross-border transactions.
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