XRP Becomes Bridge Currency for Japanese Financial Giant

XRP has taken center stage as the preferred bridge currency for linking bank accounts in Japanese financial powerhouse SBI Remit.

A guy sitting on a bridge in Japan with a big XRP.
Created by Kornelija Poderskytė from DailyCoin
  • SBI Remit and Ripple have embarked on a partnership that has introduced a twist to the scene.
  • Strategic attention to pivotal Asian markets has ignited a surge in cryptocurrency adoption.
  • Cross-border transfers have witnessed a seamless and cost-effective revolution using XRP.

SBI Remit, a prominent player in the global money transfer service sector within the SBI Group’s realm, has unveiled an ambitious expansion plan in its collaboration with Ripple and SBI Ripple Asia in a press release

SBI Remit Introduces XRP-Based Remittance in Asia

This strategic alliance heralds the introduction of international remittance services utilizing the cryptocurrency XRP as the pivotal bridge currency for linking bank accounts domiciled in the Philippines, Vietnam, and Indonesia.


Since 2017, SBI Remit has been harnessing the capabilities of Ripple Payments, a product of Ripple, to facilitate its international remittance services. 

They have now incorporated a solution harnessing crypto assets within Ripple Payments, becoming the inaugural entity in Japan to offer international remittance services that leverage the crypto asset XRP as an intermediary between two distinct legal currencies.

XRP for Real-Time International Transactions

This latest development marks another stride into the realm of XRP-based remittances for SBI Remit. In 2021, the company pioneered a service tailored for digital wallets in the Philippines, establishing itself as a trailblazer in Japan for implementing XRP as a bridge currency for international remittances.

The novel approach unveiled in this scheme aims to streamline the intricate international remittance process. In this construct, SBI Remit initiates a customer’s remittance request, and SBI VC Trade swiftly dispatches XRP in real time as a response. 


This dynamic orchestration has been made possible through a strategic partnership with Tranglo Pte. Ltd., a steadfast Ripple collaborator, ensuring that customers receive their remittances in the native legal currency of their destination.

On the Flipside

  • The inherent volatility of cryptocurrencies could lead to substantial fluctuations in remittance values.
  • The successful implementation of XRP-based remittance services in the Philippines, Vietnam, and Indonesia hinges on navigating the intricacies of local regulatory frameworks.

Why This Matters

By introducing XRP as a bridge currency in key Southeast Asian markets, this development sets a precedent for swift and cost-effective cross-border transactions, ultimately paving the way for broader cryptocurrency integration into everyday financial practices.

To learn more about South Korean banks’ latest collaboration to expand the digital assets market, read here:
South Korean Bank to Work With BitGo to Expand Digital Assets Market

For insights into Ripple’s General Counsel celebrating Grayscale’s recent triumph against the SEC, click here:
Ripple’s General Counsel Celebrates Grayscale’s Victory Against SEC

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.