In a recent announcement, Ripple Labs revealed its plans to extend its payment platform to Southeast Asia by teaming up with a well-known Japanese financial services company. Check out more details about the matter below.
Ripple Labs makes impressive moves
The collaboration with SBI Remit, the remittance division of SBI Group, aims to offer international remittances to the Philippines, Vietnam, and Indonesia using the digital currency XRP.
As a result of this partnership, individuals in these countries will be able to receive remittances in their local currencies.
SBI states the following:
“[In] a joint venture between SBI Holdings and Ripple, we will start providing international remittance services using the crypto asset XRP to bank accounts in the Philippines, Vietnam, and Indonesia [starting] this month…”
The notes continued and revealed this:
“SBI Remit sends a customer’s remittance request, and we send XRP in real time in response to that request. By partnering with Tranglo, a leading company in the fund transfer industry, as an overseas remittance destination partner, customers will be able to receive remittances in local legal currencies.”
SBI, which manages assets worth $138 billion, has selected the Philippines, Vietnam, and Indonesia as destinations for its international remittance services. These countries have a high rate of receiving remittances, which is only increasing.
SBI plans to use XRP as a bridge currency to facilitate quick and low-cost money transfers to bank accounts in these countries.
The introduction of this service is expected to accelerate in the future, given the high share of remittances to bank accounts in these countries.
This move is expected to strengthen SBI’s competitiveness in the international money transfer business, as XRP has excellent scalability and can easily send money to Ripple’s partners worldwide.
At present, XRP is trading at $0.494, showing a fractional decrease in the last 24 hours. Stay tuned for more juicy news from the crypto space.