XRP Will Be Adopted by Banks in Southeast Asia, Indonesia Included?
After the announcement of Ripple's victory against the SEC in court, positive sentiment continues to be built by the company behind XRP in the traditional financial space.
SBI Remit, an international money transfer service provider and subsidiary of SBI Group, has announced a major expansion of its operations in Southeast Asia.
The company's expansion strategy involves an important collaboration with Ripple, a well-known player in the world of crypto and blockchain technology. These developments are expected to have a profound impact on the future of the global financial system.
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Adopted by banks in Southeast Asia
According to a report by Zycrypto, SBI Remit has had a long-term collaboration with Ripple and their joint efforts aim to build a robust global financial infrastructure.
This latest announcement details SBI Remit's plans to offer cross-border money transfer services to three key countries in Southeast Asia, namely the Philippines, Vietnam and Indonesia.
Building on existing partnerships, SBI Remit, which started payments via Ripple in 2017, introduced international money transfer services in 2021.
What sets this service apart is the use of XRP as an intermediary currency, connecting legal currencies with crypto wallets in the Philippines, making them the pioneers in Japan for this innovative service.
The decision to expand to the Philippines, Vietnam and Indonesia was taken as a result of significant remittance activity in these countries.
SBI Remit's goal is to provide a fast, cost-effective and scalable international money transfer solution, thereby increasing the competitiveness of Ripple and SBI in the global financial industry.
SBI Remit's operational process involves responding to money transfer requests from customers in real-time by sending XRP.
