{"id":57653,"date":"2023-09-06T13:38:44","date_gmt":"2023-09-06T17:38:44","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/japans-sbi-group-and-ripple-join-to-provide-international-remittance-services-in-three-countries\/"},"modified":"2023-09-06T13:38:45","modified_gmt":"2023-09-06T17:38:45","slug":"japans-sbi-group-and-ripple-join-to-provide-international-remittance-services-in-three-countries","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=57653","title":{"rendered":"Japan\u2019s SBI Group and Ripple Join to Provide International Remittance Services in Three Countries"},"content":{"rendered":"<div>\n<p style=\"text-align:justify;\">SBI Remit, a subsidiary of Japanese financial conglomerate SBI Group, has partnered with SBI Ripple Asia to introduce Ripple\u2019s XRP-enabled international remittance solution to bank accounts in the Philippines, Vietnam and Indonesia.<\/p>\n<p style=\"text-align:justify;\">The company\u2019s expansion to Southeast Asian markets aims to streamline international payments using the crypto asset XRP as a \u201cbridge currency,\u201d allowing for quick and low-cost money remittances.<\/p>\n<p style=\"text-align:justify;\">Per a company release on Wednesday, SBI Remit will process customer remittance requests in real time. The dynamic approach is established through a strategic alliance with Tranglo Pte. Ltd., a long-term Ripple partner.<\/p>\n<blockquote>\n<p style=\"text-align:justify;\">\u201cIt has excellent scalability, allowing users to easily send money to Ripple&#8217;s partners around the world, and we believe this will lead to stronger competitiveness in the international remittance business.\u201d<\/p>\n<\/blockquote>\n<p style=\"text-align:justify;\">Since 2017, SBI Remit has been using Ripple\u2019s payment solutions for international money transfers. In a significant move in 2021, it introduced a crypto solution powered by Ripple, making it the first international remittance service in Japan to employ XRP as an intermediary currency between two legal currencies to crypto wallets in the Philippines, the release further noted.<\/p>\n<p style=\"text-align:justify;\">\u201cThis time, we will expand the range of international remittance services using this XRP to bank accounts in the Philippines, Vietnam, and Indonesia,\u201d the company said. \u201cIn these countries, the share of remittances sent to bank accounts is high, and we expect the introduction of this service to accelerate in the future.\u201d<\/p>\n<h2 style=\"text-align:justify;\">Why Target High-Volume Remittance Destinations in Southeast Asia?<\/h2>\n<p style=\"text-align:justify;\">The Philippines, Vietnam and Indonesia were chosen due to their high proportion of remittances to bank accounts. Per a World Bank report, in 2022, the largest recipients of remittance flows were the Philippines ($38 billion) and Vietnam ($13 billion), after China.<\/p>\n<p style=\"text-align:justify;\">In April, three Japanese banks \u2013 Yamaguchi Bank, Momiji Bank, and Kitakyushu Bank \u2013 onboarded the Ripple-based payment system MoneyTap to tap its popular blockchain solution for international payments and peer-to-peer remittance.<\/p>\n<p style=\"text-align:justify;\">\u201cGoing forward, through partnerships with Ripple and other fintech companies, SBI Remit will strive to increase the number of countries where remittance is possible and expand services with a view to corporate transactions and inbound transactions,\u201d SBI Holdings chairman and CEO Yoshitaka Kitao, added.<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/japans-sbi-holdings-ripple-join-provide-international-remittance-services-three-countries.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SBI Remit, a subsidiary of Japanese financial conglomerate SBI Group, has partnered with SBI Ripple Asia to introduce Ripple\u2019s XRP-enabled international remittance solution to bank accounts in the Philippines, Vietnam and Indonesia. The company\u2019s expansion to Southeast Asian markets aims to streamline international payments using the crypto asset XRP as a \u201cbridge currency,\u201d allowing for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":57654,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-57653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Japan\u2019s SBI Group and Ripple Join to Provide International Remittance Services in Three Countries | iFintechWorld<\/title>\n<meta name=\"description\" content=\"SBI Remit, a subsidiary of Japanese financial conglomerate SBI Group, has partnered with SBI Ripple Asia to introduce Ripple\u2019s XRP-enabled international\" 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