SBI Remit Launches XRP Bridge Currency for Cross-Border Payments
SBI Remit Co., Ltd., a leading international money transfer provider under Japan’s SBI Group, has deepened its collaboration with Ripple and SBI Ripple Asia. The partnership introduces XRP-based remittance services for bank accounts in the Philippines, Vietnam, and Indonesia, leveraging XRP as a bridge currency between fiat currencies.
👉 Discover how XRP transforms global payments
Key Features of the XRP Remittance Solution
- Speed & Cost Efficiency: XRP enables near-instant settlements at lower fees compared to traditional methods.
- Scalability: Seamless integration with Ripple’s global partner network enhances service reach.
- Strategic Markets: Targets high-remittance corridors where bank accounts dominate transactions.
How It Works
- Customer Request: SBI Remit processes the remittance order.
- Real-Time XRP Transfer: SBI VC Trade facilitates the XRP bridge transaction.
- Local Currency Payout: Partner Tranglo converts XRP to the recipient’s currency.
SBI Remit emphasized:
"XRP’s scalability allows users to send funds globally through Ripple’s partners, strengthening our competitiveness in international remittances."
Expansion Plans and Industry Impact
SBI Holdings CEO Yoshitaka Kitao confirmed ambitions to extend services to more countries, focusing on corporate and inbound transactions. The move aligns with Ripple’s vision to modernize cross-border payments through blockchain technology.
Why This Matters
- Accelerated Crypto Adoption: Philippines, Vietnam, and Indonesia represent key growth markets.
- Regulatory Clarity: Japan’s progressive stance on crypto assets supports innovation.
FAQ: XRP-Based Remittance Service
1. How does XRP reduce remittance costs?
XRP eliminates intermediaries, cutting transaction fees and processing times significantly.
2. Which countries currently support this service?
Initial rollout includes the Philippines, Vietnam, and Indonesia, with plans for expansion.
3. Is XRP used as the final payout currency?
No. Recipients receive local currency; XRP acts only as a bridge asset during transfer.
4. What’s the role of Tranglo in this partnership?
Tranglo handles last-mile conversions, ensuring seamless local currency delivery.
5. How secure are XRP transactions?
Ripple’s blockchain technology provides immutable, transparent, and auditable transaction records.
👉 Explore Ripple’s payment solutions
At press time, XRP traded at $0.5007.
Editorial Note: This content adheres to strict accuracy and impartiality standards, reviewed by industry experts.
Keywords: Ripple, XRP, international remittance, SBI Remit, cross-border payments, cryptocurrency, blockchain, Philippines, Vietnam, Indonesia
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