SBI Remit Partners with Tottori Bank, Japan's Ripple Network Expands to 26 Banks

BroadChain has learned that at 10:16 on April 21, according to Bitcoinist, SBI Remit and Tottori Bank will launch an international remittance service on April 20. This marks the 26th collaboration between SBI Remit and financial institutions, with its service stack explicitly mentioning the use of Ripple's distributed ledger technology. XRP community commentator Eri pointed out that in scenarios where XRP liquidity is sufficient, XRP can serve as an optional bridging asset. Although SBI Remit's press release did not explicitly state that this deployment will use XRP, it emphasized that since its establishment in 2010, the company has actively integrated the latest fintech, including Ripple DLT, to provide secure, low-cost, and fast international remittances. This collaboration aims to serve the growing foreign labor market in Tottori Prefecture, where the number of foreign workers and employing companies has reached record highs, increasing the demand for fast, low-cost, and 24/7 available remittance services. SBI Remit stated that it now offers integrated services combining "hometown remittance" and "salary deposit accounts" for foreign residents, supporting 12 languages. Eri believes this collaboration aligns with SBI Group's strategy of incorporating numerous local banks into its network. As of press time, XRP is trading at $1.42.