SBI expands Ripple remittance tech to banks in Vietnam, Indonesia, Philippines

SBI did not mention a launch date for the project, but noted that it will be made available later this month.

With the new update, the payment technology service will be expanded to bank accounts in the Philippines, Vietnam and Indonesia. Through the program, SBI Remit will use XRP as a bridge currency to allow fast and cost-effective remittances.

According to the announcement, SBI expects adoption to accelerate as the volume of remittances to bank accounts in the countries mentioned above is high. Meanwhile, SBI also highlighted that it partnered with the cross-border payment solutions company Tranglo to make the expansion possible. SBI did not mention an exact date of when the service will be available, but the company highlighted that it will be rolled out within this month.

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