SBI Remit a prominent player in the international money transfer service sector within the SBI Group, is making significant strides in the world of blockchain and cryptocurrency solutions. SBI Remit, which is an SBI Holdings investee firm and a pioneer in offering many cutting-edge financial solutions, is poised to further transform the market in collaboration with SBI Ripple Asia, a joint venture between SBI Holdings and Ripple.
Starting this month, SBI Remit and SBI Ripple Asia are set to launch international remittance services using the cryptocurrency XRP, targeting bank accounts in the Philippines, Vietnam, and Indonesia, stated a recent press release by SBI Holdings.
SBI Remit has been utilizing Ripple Payments, a system provided by Ripple, for its international money transfer service since 2017. In 2021, the company introduced a solution that incorporates crypto assets into Ripple Payments, making XRP the bridge currency between two legal currencies. This groundbreaking move marked the first international remittance service in Japan to utilize XRP, initially launched for cryptocurrency wallets in the Philippines.
By expanding the scope of XRP-based international remittances to bank accounts in the Philippines, Vietnam, and Indonesia, SBI Remit now intends to increase its horizons. These nations are excellent prospects for the adoption of this cutting-edge service because they boast a high proportion of remittances to bank accounts.
SBI Remit wants to make quick and affordable money transfers possible by using XRP as a bridge currency. The excellent scalability provided by XRP makes it simple to transfer money to Ripple’s international partners. This action is anticipated to increase SBI Remit’s competitiveness in the global money transfer industry.
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SBI Remit and SBI Ripple Asia are poised to further disrupt and redefine the landscape of global financial transactions as they move on with their ground-breaking project, demonstrating the transformative power of blockchain technology and digital assets.
Additionally, 30 merchants and counting, including well-known brands like AMC theaters, Newegg, top South African-based Prepaid Gamer Online, Ace Jewelers, Latvian-headquartered airline AirBaltic, and many others, enable XRP direct payment, according to a recent tweet by BitPay.
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