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SBI extends Ripple XRP to new remittance corridors
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finextra.comSBI Remit, part of Asian fintech powerhouse SBI, has been tapping Ripple for its international money transfer service since 2017.
In 2021 it began using XRP as a bridge between two fiat currencies to perform cross border remittances from Japan to a digital wallet in the Philippines.
From this month, the effort will be expanded to bank accounts in the Philippines, Vietnam, and Indonesia.
SBI Remit says that by using XRP as a bridge currency is cuts the cost of pre-funding destination accounts. In addition, the move offers scalability as money can be easily transferred to Ripple’s partners around the world.
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