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<p class="is-style-lead">SBI Group, a leading financial institution in Japan, <a href="https://www.sbivc.co.jp/newsview/88ut48zo5l" data-type="link" data-id="https://www.sbivc.co.jp/newsview/88ut48zo5l" target="_blank" rel="noopener">announced</a> an expanded partnership with Ripple and SBI Ripple Asia to broaden its remittance services on Sep. 6.</p> 
<p>This collaboration will allow SBI Remit, the company’s international money transfer division, to provide XRP-based remittance services to bank accounts in several Southeast Asian countries, including the Philippines, Vietnam, and Indonesia.</p> 
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   <p lang="ja" dir="ltr">XRPを活用するRippleの送金ソリューションを用いた国際送金サービスをフィリピン・ベトナム・インドネシア向けに順次拡大🌏<br><br>【XRPのブリッジ通貨利用】<br>✅スピーディかつ低コストで送金<br>✅拡張性あり(世界中のRipple提携先へ容易に送金可)<br>⇒国際送金事業における競争力強化<a href="https://t.co/2mwo33cn4q" target="_blank">https://t.co/2mwo33cn4q</a> <a href="https://t.co/vaOKwlC79y" target="_blank">pic.twitter.com/vaOKwlC79y</a></p>— SBI VC Trade (SBI VCトレード） (@sbivc_official) <a href="https://twitter.com/sbivc_official/status/1699304614200594855?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">September 6, 2023</a>
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<p>This development is not entirely new; SBI Remit has been leveraging Ripple’s payment technology for international remittances since 2017. </p> 
<p>The company made another significant move in 2021 by being the first in Japan to offer XRP remittance services directly to <a href="https://crypto.news/cryptocurrency-wallets-types-and-functions-you-should-know/" data-type="link" data-id="https://crypto.news/cryptocurrency-wallets-types-and-functions-you-should-know/">crypto wallets</a> in the Philippines.</p> 
<p>What sets this new venture apart is its broader reach, allowing transfers to conventional bank accounts in multiple countries. </p> 
<p>The use of <a href="https://crypto.news/price/xrp/" data-type="link" data-id="https://crypto.news/price/xrp/">XRP</a> as a “<a href="https://crypto.news/deposit-suspensions-hit-bridged-tokens-pending-multichain-teams-clarification/" data-type="link" data-id="https://crypto.news/deposit-suspensions-hit-bridged-tokens-pending-multichain-teams-clarification/">bridge currency</a>” is intended to enable faster and potentially less expensive international transfers.</p> 
<p> You might also like: <a href="https://crypto.news/ripple-counters-sec-says-xrp-has-intrinsic-value/"> Ripple counters SEC, says XRP has intrinsic value </a> </p> 
<p>The timing of the initiative aligns with the existing high volume of remittances to the targeted countries, where there is an expressed need for quicker and more cost-effective services.</p> 
<p>SBI has also joined forces with Tranglo, a cross-border payment solutions company, to facilitate this expansion. While no exact rollout date has been shared, SBI Group intends to launch the service within the current month.</p> 
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<p>The expansion also signifies Ripple’s growing influence in Japan, despite its ongoing legal challenges in the United States. </p> 
<p>Earlier this year, key Japanese banks, such as Yamaguchi, Momiji, and Kitakyushu, began supporting RippleNet-based <a href="https://crypto.news/ripple-partners-japanese-banks-launch-real-time-payments-app/" data-type="link" data-id="https://crypto.news/ripple-partners-japanese-banks-launch-real-time-payments-app/">MoneyTap</a> P2P remittance services. Collectively, these banks operate over 170 local branches and are substantial players in the Japanese banking sector.</p> 
<p> Read more: <a href="https://crypto.news/ripple-joins-forces-with-bis-in-cross-border-payments-initiative/"> Ripple joins forces with BIS in cross-border payments initiative </a> </p>

XRP to power more services in Asia after SBI expands partnership with Ripple

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