SBI Expands Ripple Remittance Technology to Banks in Vietnam, Indonesia, and the Philippines

Japanese financial holding company SBI Group has revealed that its international remittance services subsidiary, SBI Remit, has formed a partnership with SBI Ripple Asia to launch an XRP remittance service targeting bank accounts in various Southeast Asian countries.

In its announcement, the company noted that SBI Remit has been utilizing Ripple’s payment services for international remittances since 2017. Additionally, SBI Remit introduced solutions involving cryptocurrency in 2021, claiming to be the first in Japan to offer remittance services using XRP to crypto wallets in the Philippines.