Ripple Effect: Financial Giant SBI Becomes Crypto Startup’s Top Remittance Partner

Japanese financial services giant SBI Holdings is Ripple’s top remittance partner in terms of volume.

In a new financial report, the company’s international remittance service, SBI Remit, says its transaction volume is second to none on RippleNet.

The company is using Ripple’s payment messaging system, which aims to be a faster alternative to Swift, to power remittances. SBI Remit recently launched a new corridor between Japan and Vietnam using the technology.

SBI also rolled out a Ripple-powered payments app called MoneyTap in October of last year.

The app is a domestic payments solution that lets people in Japan send money instantly using QR codes or phone numbers. SBI says it’s pushing to get 60 Japanese banks on board and that Ripple may step in to help fund the growth of the app.

“Money Tap will consider accepting an investment from U.S. Ripple, in order to strengthen technical cooperation and the promotion of initiatives related to international remittances.”

Ripple and SBI first teamed up in 2016 to create SBI Ripple Asia, an alliance designed to boost the adoption of Ripple’s technology and XRP in the region.

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