Japanese financial holding company SBI Group has announced that its international remittance services arm SBI Remit has partnered with Ripple and SBI Ripple Asia to offer an XRP (XRP) remittance service to bank accounts in several Southeast Asian countries. 

In an announcement, the company highlighted that SBI Remit has been using Ripple payments services for international remittances since 2017. Furthermore, SBI Remit also introduced solutions using crypto in 2021, claiming that it was the first in Japan to provide remittance services using XRP to crypto wallets in the Philippines.

With the new update, the payment technology service will be expanded to bank accounts in the Philippines, Vietnam and Indonesia. Through the program, SBI Remit will use XRP as a bridge currency to allow fast and cost-effective remittances.

According to the announcement, SBI expects adoption to accelerate as the volume of remittances to bank accounts in the countries mentioned above is high. Meanwhile, SBI also highlighted that it partnered with the cross-border payment solutions company Tranglo to make the expansion possible.