Ripple continues to expand its presence in Asia through a major collaboration with SBI Group, one of Japan’s largest financial services providers. The partnership aims to enhance remittance services for expatriates from Vietnam, Indonesia, and the Philippines working in Japan.
According to an announcement by SBI VC Trade, a subsidiary of SBI Group, the collaboration will leverage Ripple’s blockchain technology to provide faster and more cost-effective cross-border remittance services. This collaboration also includes Tranglo, a remittance company operating in Southeast Asia. By utilizing RippleNet, Ripple’s cross-border payment solution, transactions between Japan and the three Southeast Asian countries can be conducted in real-time.
The use of RippleNet not only ensures swift and secure transactions but also eliminates the need for remittance companies to hold a large amount of capital in the destination country. RippleNet leverages XRP, Ripple’s native token, as a bridge currency to facilitate seamless cross-border transfers.
The partnership between Ripple and SBI Group dates back to 2017, and SBI Group became the first remittance services provider in Japan to utilize XRP as the intermediary currency for transferring funds to the Philippines. This longstanding relationship demonstrates the trust and confidence SBI Group has in Ripple’s technology.
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Notably, the collaboration between Ripple and SBI Group has remained strong despite challenges faced by Ripple. In 2020, when Ripple faced a lawsuit filed by the Securities and Exchange Commission (SEC), SBI Group stood by the company while other major partners distanced themselves. This loyalty highlights the deep-rooted cooperation and support between the two entities.
However, it is important to note that XRP is currently trading at $0.50, experiencing a 5.4% decline during the day. The cryptocurrency has managed to stay above the key support level of $0.50, but if it falls below this level, it may dip down to $0.47.
In summary, Ripple’s collaboration with SBI Group and Tranglo aims to enhance remittance services for expats in Japan from Vietnam, Indonesia, and the Philippines. By leveraging RippleNet, the partnership ensures fast, cost-effective, and secure cross-border transactions. The longstanding relationship between Ripple and SBI Group demonstrates the trust and support they have for each other. However, the current price of XRP indicates some market volatility which may impact its value in the short term.
