Get Ready, Ripple Enters Indonesia With Instant Money Transfer Service

Ripple's XRP crypto asset. (Photo; Doc. Coinmotion)

JAKARTA - Ripple Labs, a leading crypto company focused on cross-border payments, is reportedly starting to spread to Southeast Asia including Indonesia. Previously, Ripple had established strategic cooperation with SBI Remit, a part of the SBI Group, a leading financial services company from Japan.

The collaboration between Ripple and SBI Remit aims to provide innovative international remittance services to the Philippines, Vietnam, and Indonesia using XRP digital assets.

This decision will bring fresh air to the people of the three countries, who will be able to receive or send money instantly to various countries. According to a statement from SBI, the joint company between SBI Holdings and Ripple will start this service as soon as possible.

"We will start providing international remittance services using XRP crypto assets to bank accounts in the Philippines, Vietnam, and Indonesia starting this month," said SBI.

In this collaboration, SBI Remit will be tasked with sending requests for remittances from customers, while Ripple Labs will respond by sending XRP in real-time. The destination partner for overseas remittances is Tranglo, a leading company in the fund transfer industry. With this collaboration, customers will be able to receive remittances in the form of legal local currencies.

Why was the Philippines, Vietnam, and Indonesia an option? According to SBI, which manages assets worth 138 billion US dollars (equivalent to Rp2.1 quadrillion), these three countries were elected because the level of receipt of remittances there is quite high and continues to increase.

"We will expand the reach of international remittance services using XRP to bank accounts in the Philippines, Vietnam and Indonesia. In these countries, the share of remittances to bank accounts is quite high, and we hope that this introduction will be faster in the future," explained SBI.

By utilizing the XRP crypto as an intermediary currency, remittances will become faster and more efficient. In addition, XRP is also known to have excellent scalability, allowing remittances to Ripple partners around the world easily.

This is believed to strengthen Ripple Labs' competitiveness in the international remittance business. At the time of writing, the value of XRP was at the level of IDR 7,676, its price performance had decreased 0.1 percent over the past 24 hours according to Coingecko data.