XRP Becomes Focal Point Of Major Partnership

September 6, 2023 12:23 pm Comments

In 2017, Ripple Labs partnered with Japanese banking giant SBI Group to utilize Ripple as a remittance service.

Since then the partnership has grown, as Ripple continues to innovate and onboard its clients to new products and platforms that utilize XRP.

According to a recent press release from the SBI Group, the financial giant will now begin using XRP as a bridge between local fiat currencies in order to bring more efficiency to cross-border transactions.

SBI Group announced that this recent development is set to officially start in the Philippines, Vietnam, and Indonesia as early as September 2023.

XRP investors, pundits, and supporters celebrated the recently announced partnership:

Daily Coin had more details:

The novel approach unveiled in this scheme aims to streamline the intricate international remittance process. In this construct, SBI Remit initiates a customer’s remittance request, and SBI VC Trade swiftly dispatches XRP in real time as a response.

This dynamic orchestration has been made possible through a strategic partnership with Tranglo Pte. Ltd., a steadfast Ripple collaborator, ensuring that customers receive their remittances in the native legal currency of their destination.

Chairman of the SBI Group Yoshitaka Kitao released this statement: β€œInternational money transfer service using Ripple’s money transfer solution utilizing XRP will be gradually expanded to the Philippines, Vietnam and Indonesia [SBI Remit, SBI VC Trade, SBI Ripple Asia].”

U Today explained the significance of the newly enhanced remittance program:

Using XRP as an intermediary currency offers the advantages of speed and cost-effectiveness. It also enhances scalability, allowing funds to be transferred to Ripple’s partners worldwide, boosting SBI Remit’s competitiveness in international remittances.

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