SBI Remit announced a partnership with Ripple to establish SBI Ripple Asia, bringing the XRP remittance solution to Southeast Asia

ChainCatcher news, Japan's financial group SBI Group's international remittance department SBI Remit announced a partnership with Ripple to establish a joint venture named SBI Ripple Asia. The aim is to introduce Ripple's remittance solution supporting XRP into bank accounts in the Philippines, Vietnam, and Indonesia, with implementation starting this month.

SBI Remit has been using Ripple's services for cross-border remittances since 2017. They introduced a crypto solution using XRP as an intermediary currency in 2021, which transfers funds to crypto wallets in the Philippines, becoming Japan's first international remittance service to adopt this method.

The expansion of this collaboration aims to meet the high demand for remittances in bank accounts in these Southeast Asian countries. SBI Remit will process customer remittance requests in real-time by sending XRP, collaborating with the remittance company Tranglo to ensure that recipients can easily receive funds in local currency.