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Ripple and Japan's SBI joint venture company to expand remittance services to the Philippines, Vietnam, and Indonesia

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Ripple and Japan

The Japanese financial group and venture capital firm SBI Holdings' remittance company SBI Remit announced a joint venture with Ripple to establish SBI Ripple Asia. Starting from September, they will introduce Ripple-supported remittance solutions to bank accounts in the Philippines, Vietnam, and Indonesia. The initiative, in collaboration with cross-border payment provider Tranglo, will utilize Ripple's XRP as a bridge currency to enhance the speed, cost efficiency, and scalability of global transactions.

Ripple Payments Service Using XRP as a Bridge Currency

Since 2017, SBI Remit has been using Ripple's Ripple Payments to offer international remittance services. In 2021, SBI Remit became the first international remittance service provider in Japan to use Ripple Payments' cryptocurrency payment solution, which utilizes the cryptocurrency XRP as a bridge between two fiat currencies, enabling cross-border remittances from Japan to digital currencies and then to wallets in the Philippines. This service has now expanded to bank accounts in Vietnam and Indonesia.

Tranglo, a cross-border payment provider, will process payment requests submitted by customers through SBI Remit and transfer the funds to the recipient's bank account in the receiving country.

Hope on the Horizon in Ripple's Lawsuit with SEC, Expanding Services Actively

The SBI Group in Japan has maintained a close partnership with Ripple, and its president Yoshitaka Kitao has been supportive of Ripple even after the SEC lawsuit claimed XRP as a security. He even issued a statement stating that XRP is considered a cryptocurrency in Japan and is not regulated by securities laws.

Now that the lawsuit between Ripple and the SEC is showing signs of progress, Ripple hopes to resume cooperation with financial institutions in the United States and reassure them to resume using Ripple's ODL services. Additionally, Ripple has acquired Fortress Trust and obtained 8 state money transfer licenses.

Ripple is also actively expanding its presence overseas, with partnerships established with Palau, Bhutan, and Montenegro on its CBDC platform. Through the deepened collaboration with Japan's SBI, Ripple's remittance services are expected to expand to more countries.

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