Ripple, Tranglo, and SBI Remit have announced a joint venture, SBI Ripple Asia. Last week in a similar move SBI Remit, a subsidiary of SBI VC Trade and the crypto-focused arm of SBI Japan, announced a strategic partnership with Ripple and SBI Ripple Asia. This collaboration aims to launch international remittance services that utilize XRP. TRANGLO Pte Ltd, a prominent cross-border payments provider, will handle the customer’s SBI Remit payout request and pay the beneficiary’s bank account in the receiving nation.
XRP’s Growing Dominance in Southeast Asia
The primary focus of this collaboration is to introduce Ripple’s XRP-enabled remittance solution to bank accounts in the Philippines, Vietnam, and Indonesia starting this month. This groundbreaking partnership is set to revolutionize the landscape of remittances in Southeast Asia.
SBI Remit has been leveraging Ripple’s services for cross-border money transfers since 2017. In a groundbreaking move last week, they introduced a crypto-powered solution, becoming the first in Japan to use XRP as an intermediary currency between legal currencies for funds transfer to a crypto wallet in the Philippines.
Tanglo Simplifies XRP Real-Time Remittances.
After overcoming legal challenges in the US, XRP is expanding its vision globally. Partnering with Tranglo, XRP aims to streamline cross-border remittances in countries like the Philippines, Vietnam, and Indonesia, leveraging its speed and cost-effectiveness. Due to their large remittance corridors, these countries are best for this innovative solution. Notably, it will make life easy as under this partnership, SBI Remit will process real-time remittance requests using XRP, ensuring seamless fund transfers for recipients in their local currency. This innovative service is scheduled to launch this month and will primarily cater to bank accounts in the Philippines, Vietnam, and Indonesia.
While pulling many remittances into their bank accounts, these countries are ideal prospects for XRP adoption. SBI Remit believes an XRP-based remittance service will boost cryptocurrency adoption in these countries. It will enable, speed, cost-effectiveness, and increased scalability. It streamlines fund transfers to Ripple’s global partners, bolstering SBI Remit’s competitiveness in international remittances. The key feature of Ripple’s network is its swift access to premier receivers in key markets, enabling businesses to engage in new corridors within an impressively short timeframe.