The Japanese financial giant, SBI Holdings will be reportedly using XRP to facilitate international remittance services in a partnership with SBI Ripple Asia Co., Ltd.
According to an official announcement, the subsidiary of SBI Group – SBI Remit Co. is set to provide international remittance settlements using Ripple’s XRP directly to bank accounts. The services may begin as soon as this month.
The company will become the first in Japan to provide remittance transactions while using crypto asset as a bridge between two currencies.
After the launch of crypto asset wallets in the Philippines, the service enables users with bank accounts within Philippines, Vietnam and Indonesia. As the share of remittance in these countries is high, SBI expects this will accelerate it further.
“By using XRP as a bridge currency, you can transfer money quickly and at low cost,” company said in the release, adding “it has excellent scalability, allowing users to easily send money to Ripple’s partners around the world, and we believe this will lead to stronger competitiveness in the international remittance business.”
With this partnership, SBI Remit will expand to offer XRP-backed remittance to a number of possible countries.
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