SBI Holdings, the Japanese banking giant, has recently published its latest report. In the document, the company talks about its strategies and reports its latest plans. One of them is to use Ripple’s XRP tokens for international remittances that will be made between Japan and the Southeast Asian region.
According to the company’s report, the SBI Remit service will use Ripple’s On-Demand Liquidity services (known before as xRapid). Initially, SBI Remit has used MoneyGram to send money overseas, but some changes will be made. So far, the service has sent out over $7 billion.
Back in June, a partnership was started with Ripple to send money to Mexico. This is possibly why the partnership has been stronger since then and now the two firms are going to tighten it even more.
Half of the payments made by SBI Remit will be covered by SBI Ripple Asia, a subsidiary of the company, which was created after the partnership with the crypto company. It is fair to note that SBI is also a “crypto” company right now, as it has recently launched the VCTrade, a cryptocurrency exchange platform based in Japan.
Right now, SBI is trying to get Japanese banks on board of its initiative. So far, the Suruga Bank and the SBI Sumishin Net Bank are already a part of it.
In related news, the banking holding institution has recently launched another product called Money Tap, which is set to be a mobile app for money transfers, also powered by Ripple. If the situation continues this way, SBI and Ripple will have a long-standing partnership to offer solutions for Asian clients.