Ripple, Tranglo & SBI Remit have announced a joint venture

New Avenues for Remittances in Southeast Asia
Efficient Remittances with Tranglo and XRP
Why XRP as the Bridge Currency?
Top Recommended Articles

In a bold move signaling the growing dominance of XRP in Southeast Asia, Ripple, Tranglo, and SBI Remit have come together to announce their joint venture: SBI Ripple Asia. This partnership is set to launch international remittance services powered by XRP, with TRANGLO Pte Ltd, a renowned cross-border payments provider, managing payout requests.

📰 @Ripple, Tranglo & SBI Remit have announced a joint venture, SBI Ripple Asia. The primary focus of this collaboration is to introduce Ripple’s XRP-enabled remittance solution to bank accounts in the Philippines, Vietnam & Indonesia starting this month.

Since 2017, SBI Remit… pic.twitter.com/FCF7N90Tg5
— Uphold (@UpholdInc) September 17, 2023

New Avenues for Remittances in Southeast Asia

The collaboration’s primary objective is to initiate Ripple’s XRP-driven remittance solutions targeting bank accounts in key countries: the Philippines, Vietnam, and Indonesia. These services are expected to roll out this month, marking a significant transformation in Southeast Asian remittance practices. SBI Remit is no stranger to Ripple’s capabilities, having utilized its platform for cross-border transactions since 2017. Taking this relationship a step further, SBI Remit recently launched a crypto-powered solution, making history as the first in Japan to employ XRP as a bridge currency for transferring funds to a crypto wallet in the Philippines.

Efficient Remittances with Tranglo and XRP

As XRP charts a renewed global trajectory, its partnership with Tranglo aims to optimize remittances in the Philippines, Vietnam, and Indonesia, benefiting from XRP’s rapid transaction times and affordability. This synergy is especially relevant given the high-volume remittance corridors in these countries. Under this partnership’s framework, SBI Remit will employ XRP for real-time remittance requests, promising recipients swift and hassle-free transfers in their native currencies.

Why XRP as the Bridge Currency?

Countries with substantial inbound remittances, such as the Philippines, Vietnam, and Indonesia, present a ripe environment for XRP adoption. SBI Remit envisages that their XRP-centric remittance service will accelerate cryptocurrency uptake in these regions, given XRP’s advantages of speed, cost-efficiency, and scalability. By integrating with Ripple’s global network, SBI Remit aims to enhance its foothold in the international remittance domain.

Ripple’s primary allure is its rapid integration with top-tier receivers across crucial markets, allowing enterprises to tap into new corridors with remarkable efficiency. The coming months will be crucial for observing how this collaboration reshapes the remittance landscape and further solidifies XRP’s position in the global financial ecosystem. Stay tuned for more updates on this evolving story.