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SBI Remit Co., Ltd. (Head office: Minato-ku, Tokyo; President: Yoshinori Kimura; hereinafter “SBI Remit”), an international remittance service provider of SBI Group, SBI VC Trade Co., Ltd. (Head office: Minato-ku, Tokyo; President: Tomohiko Kondo; hereinafter “SBI VC Trade”), a crypto asset exchange business operator, Ripple (Headquarters: San Francisco, USA; CEO: Brad Garlinghouse; hereinafter “Ripple”), an investee of SBI Holdings and the leader in enterprise blockchain and crypto solutions, and SBI Ripple Asia Co., Ltd. (Head Office: Minato-ku, Tokyo; President: Masashi Okuyama; hereinafter “SBI Ripple Asia”) a joint venture between SBI Holdings and Ripple, are pleased to announce the launch of an international money transfer service using the crypto asset XRP for Bank Account Remittance Service to the Philippines, Vietnam and Indonesia from this month.

Since 2017, SBI Remit has been utilizing Ripple Payments(*1) provided by Ripple, for its international money transfer service. In 2021, SBI Remit was the first international money transfer service provider in Japan to use Ripple Payment’s crypto-enabled payments solution which utilizes the crypto asset XRP(*) as a bridge between two fiat currencies to perform cross border remittances from Japan to a digital wallet in the Philippines. This time, the scope of will be enhanced to bank accounts in the Philippines, Vietnam, and Indonesia. With these countries receiving a large share of remittances to bank accounts, this is expected to drive further adoption.

For this go-live scheme, SBI Remit will send the customer’s payment request, and SBI VC Trade will send XRP in response to the request in real-time. TRANGLO Pte Ltd, a leading cross-border payments provider, will process the customer’s payout request from SBI Remit and pay out to the beneficiary’s bank account in the receiving country. .

By leveraging XRP as a bridge currency, SBI Remit is able to diminish the cost of pre-funding destination accounts. In addition, this has excellent scalability as money can be easily transferred to Ripple’s partners around the world. We believe that this will lead to strengthening our competitiveness in the international money transfer business.

In the future, SBI Remit will continue to strive to expand to additional remittance destinations as well as enhance corporate business payments and inbound transactions through partnerships with Ripple and other fintech players.

(*1) Ripple Payments : A system for international remittance provided by Ripple. This system implements a function to use XRP as a bridge currency enabling minimization of transaction costs and realizing real-time settlements.

(*2) XRP : A digital asset utilized in Ripple’s payment solution for international money transfers. The XRPL is capable of processing a payment order of 1,500 transactions per second and can complete a payment within 4 seconds.

If you have any questions, please contact our customer center.