23 April, 2024

SBI Remit and Ripple Collaborate: XRP Remittance Services in ASEAN Countries

14 Sep, 2023

27 Nov, 2023

  • SBI Remit expands XRP remittance to the Philippines, Vietnam, and Indonesia, enhancing cryptocurrency’s role in cross-border transactions.
  • Ripple’s partnership empowers faster, cost-effective, and secure international money transfers using XRP in Southeast Asia.
  • XRP’s growing adoption in remittance services signals the potential disruption of the traditional cross-border transaction landscape.

SBI Remit Co., Ltd. has recently expanded its XRP remittance services to three ASEAN countries in a significant move within the cryptocurrency and remittance space. The remittance services provider has partnered with Ripple and SBI Ripple Asia Co., Ltd. to facilitate XRP remittances to bank accounts in the Philippines, Vietnam, and Indonesia.

EGRAG CRYPTO, a cryptocurrency enthusiast and analyst, shared insights on XRP’s recent price movement in a tweet. They emphasized the bullish momentum, setting ambitious price targets for the digital asset. EGRAG CRYPTO also highlighted the significance of regulatory clarity for XRP’s investment appeal.

Tranglo, a well-known remittance services provider, unveiled a substantial move, signaling a major milestone for XRP in international payments. With this expansion, XRP holders in these three ASEAN countries would have the opportunity to benefit from the speed and efficiency that the cryptocurrency offers.

XRP, the digital asset associated with the XRP Ledger (XRPL), is currently priced at $0.4816, indicating a 24-hour increase of 1.33%. This cryptocurrency boasts a market capitalization of approximately $25,563,149,446, securing its position as the 6th largest cryptocurrency by market cap. Over the last 24 hours, XRP has seen a trading volume of $797,444,384.36, suggesting an active and liquid market for traders and investors.

SBI Remit’s decision to embrace XRP for remittance services underscores the growing acceptance of cryptocurrencies as a viable means of transferring value across borders. It also highlights Ripple’s role as a key player in facilitating seamless cross-border transactions.

The move is anticipated to bring convenience and cost-effectiveness to remittance users in the Philippines, Vietnam, and Indonesia, as XRP’s blockchain technology enables faster and more secure transfers than traditional methods.

This expansion marks a crucial step in making XRP a go-to choice for international remittances, potentially paving the way for further adoption and integration of cryptocurrencies into the global financial system. As digital assets continue to gain traction, it would be intriguing to see how they reshape the landscape of cross-border payments.


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