The international remittance services division of the Japanese financial holding corporation SBI Group, SBI Remit, has teamed with Ripple to provide an cross-border payments to bank accounts in many Southeast Asian nations.
The business noted in a release that SBI Remit has been utilizing Ripple payments services for cross-border payments since 2017.
Additionally, SBI Remit unveiled cryptocurrency-based solutions in 2021, claiming to be the first company in Japan to offer remittance services utilizing XRP to cryptocurrency wallets in the Philippines.
The payment technology service will now be made available to bank accounts in the Philippines, Vietnam, and Indonesia thanks to the latest upgrade.
SBI Remit will employ XRP as a bridge currency through the program to enable quick and affordable remittances.
As a result of the huge number of remittances to bank accounts in the aforementioned nations, SBI anticipates that adoption will pick up speed.
SBI also made note of its collaboration with the provider of cross-border payments solutions, Tranglo, in order to make the expansion possible.
Ripple and cross-border payments
In spite of the current legal dispute in the United States, Ripple’s services are nevertheless becoming more popular in Japan.
On April 17, three Japanese banks—Yamaguchi, Momiji, and Kitakyushu—began supporting MoneyTap P2P, a RippleNet-based remittance service. The banks are among the biggest players in the nation’s banking industry and together have more than 170 local branches.
SBI did not provide a specific launch date for the program, but the corporation did emphasize that it would be implemented this month.
About Kumo
Kumo, registered as Kumo Technologies Inc in Delaware, U.S. is a fiat and crypto social payment app which allows users to exchange fiat (NGN) to crypto, save and earn interest in dollar with as low as $5, utility payment such as DSTV subscription, airtime, data among others.
Kumo wallet is your all-in-one social payment app for seamless payment solutions.
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