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 <p class="is-style-lead">SBI Group, a leading financial institution in Japan, announced an expanded <a rel="noopener noreferrer nofollow" title="partnership" href="https://thebittimes.com/tag/partnership.html">partnership</a> with Ripple and SBI Ripple Asia to broaden its remittance <a rel="noopener noreferrer nofollow" title="services" href="https://thebittimes.com/tag/services.html">services</a> on Sep. 6.</p> 
 <p>This collaboration will allow SBI Remit, the company’s international money transfer division, to provide XRP-based remittance <a rel="noopener noreferrer nofollow" title="services" href="https://thebittimes.com/tag/services.html">services</a> 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https://t.co/2mwo33cn4q pic.twitter.com/vaOKwlC79y</p>— SBI VC Trade (SBI VCトレード） (@sbivc_official) September 6, 2023 
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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 <a rel="noopener noreferrer nofollow" title="services" href="https://thebittimes.com/tag/services.html">services</a> directly to crypto wallets 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 XRP as a “bridge currency” is intended to enable faster and potentially less expensive international transfers.</p> 
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 <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 <a rel="noopener noreferrer nofollow" title="services" href="https://thebittimes.com/tag/services.html">services</a>.</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 <a rel="noopener noreferrer nofollow" title="service" href="https://thebittimes.com/tag/service.html">service</a> within the current month.</p> 
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  <div class="wp-block-embed__wrapper"> <iframe title="Ripple Investor SBI Activated: XRP International Remittance Service" width="1020" height="574" src="https://www.youtube.com/embed/GwhvB77ZkJo?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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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 MoneyTap P2P remittance services. Collectively, these banks operate over 170 local branches and are substantial players in the Japanese banking sector.</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Ripple joins forces with BIS in cross-border payments initiative 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/xrp-to-power-more-services-in-asia-after-sbi-expands-partnership-with-ripple-tbt61786.html">https://thebittimes.com/xrp-to-power-more-services-in-asia-after-sbi-expands-partnership-with-ripple-tbt61786.html</a></p>

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

TheBitTimes

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