SBI Remit, a part of SBI, a big financial company in Asia, wants to help people send money to the Philippines, Vietnam, and Indonesia more easily. They are using a technology called Ripple’s XRP to make this happen.
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They have been using Ripple’s technology since 2017 to make it simpler for people to send money to other countries. In 2021, they started using XRP to connect different types of money, like Japanese yen and Philippine pesos. This way, people in Japan could send money to a digital wallet in the Philippines without any hassle.
Now, starting this month, they are making it even better. You can send money directly to bank accounts in the Philippines, Vietnam, and Indonesia using XRP. This is good news because it means you don’t have to put money in those bank accounts in advance. It’s also faster because you can send money to other places around the world that use Ripple’s technology easily.