SBI extends Ripple XRP to new remittance corridors
SBI Remit is using Ripple’s XRP for a bank account remittance service to the Philippines, Vietnam and Indonesia.
SBI Remit, part of Asian fintech powerhouse SBI, has been tapping Ripple for its international money transfer service since 2017.
In 2021 it began using XRP as a bridge between two fiat currencies to perform cross border remittances from Japan to a digital wallet in the Philippines.
From this month, the effort will be expanded to bank accounts in the Philippines, Vietnam, and Indonesia.
SBI Remit says that by using XRP as a bridge currency is cuts the cost of pre-funding destination accounts. In addition, the move offers scalability as money can be easily transferred to Ripple’s partners around the world.