Major Japanese Financial Institute Embraces XRP Based Payment Service

SBI Remit Co., Ltd., part of the SBI Group, is growing its Business with Ripple and SBI Ripple Asia. They plan to use XRP to send money to bank accounts in the Philippines, Vietnam, and Indonesia.

The company said, "Since 2017, SBI Remit has used Ripple Payments for sending money abroad. Now, they are the first in Japan to use XRP as a 'bridge' between two country's money."

SBI's Partnership with Ripple Grows

In 2021, SBI Remit started using XRP to send money to digital wallets in the Philippines. This made them leaders in Japan for this kind of service.

The new plan makes sending money abroad easier. The company explained, "When a customer makes a remittance request, SBI VC Trade sends XRP quickly in response to the request" This quick way of sending money is possible because of  Tranglo Pte. Ltd., a close Ripple partner. This means people get their money in their own country's currency. Check the image below for detailed information from SBI’s press release

Using XRP helps send money faster and cheap, SBI said. It can also reach many of Ripple's partners globally. They believe this will make them stronger in the business of sending money abroad.

The Philippines, Vietnam, and Indonesia were chosen on purpose.Since many people in these countries receive money from abroad in their bank accounts. So, using XRP there makes sense. SBI Remit thinks this will make more people in these countries use crypto.

Yoshitaka Kitao, the head of SBI Holdings, talked about this new service. He showed how much his company wants to change the way we send money abroad. The company's goal is to bring this service to more countries and offer more kinds of services.

Right now, XRP's price is $0.50.