According to Foresight News, SBI Remit, a subsidiary of Japanese financial giant SBI that handles international remittance services, announced its collaboration with SBI Ripple Asia, a joint venture between SBI Holdings and Ripple. The partnership aims to gradually provide international remittance services using the cryptocurrency XRP in countries such as the Philippines, Vietnam, and Indonesia.
SBI Remit's remittance scheme involves sending customers' remittance requests and responding to them in real-time by sending XRP. By collaborating with funds transfer company TRANGLO Pte. Ltd., SBI Remit enables customers to receive remittances in their local fiat currency.
