SBI Group has announced a partnership with Ripple Labs to enhance international money transfer capabilities in several Southeast Asian countries, including Indonesia, Vietnam, and the Philippines.
Japanese financial holding company SBI Group has announced the integration of Ripple’s technology into SBI Remit, an international money transfer service. The integration will simplify money transfers in several Southeast Asian countries. The service will be available within a month.
The SBI Remit app will use XRP as an intermediate currency, enabling fast and cheap transactions to bank accounts in countries in the region where the volume of financial transfers is high and requires innovation. Specifically, the company plans to use Ripple’s technology in Vietnam, Indonesia, and the Philippines. SBI Group representatives are also negotiating cooperation with local payment provider Tranglo to speed up the implementation process.
Notably, SBI Group has been cooperating with Ripple Labs since 2017, using XRP Ledger-based technologies to make cross-border payments through the SBI Remit service in Japan and several other Asian countries.
Ripple provides banks, companies, and individuals with unlimited opportunities for fast and cheap financial transactions, so the popularity of XRP among TradFi participants is growing, despite the company’s ongoing litigation with U.S. regulators.
