Bitaigen Research Ripple‑linked SBI Remit expands to Tottori Bank, its 26th Japanese partner
SBI Remit announced on April 20 that it will roll out an international remittance service together with Tottori Bank, marking the latest addition to a growing network of Japanese financial institutions that rely on Ripple’s distributed ledger technology. The partnership brings the total count of SBI Remit collaborations to 26, extending the firm’s cross‑border payment footprint across all 47 prefectures.
The service will enable Tottori Bank’s corporate and retail clients to move funds abroad using the XRP‑based infrastructure that Ripple promotes for its speed and cost advantages. According to the press release, transaction settlement times are expected to fall to under five seconds, while fees are projected to be a fraction of those charged by legacy correspondent banking routes.
The expansion arrives as U.S. institutional investors continue to allocate capital into crypto‑related exchange‑traded funds. Data from Bloomberg shows that as of early April, inflows into Bitcoin and Ethereum ETFs have topped $500 million for the quarter, reflecting sustained interest despite the Federal Reserve’s recent 0.25 percentage‑point rate hike on March 20. Analysts suggest that tighter monetary policy may increase demand for faster, lower‑cost cross‑border settlement solutions, a niche where Ripple’s ledger upgrades—such as the recent implementation of on‑ledger liquidity provisioning—could become more attractive to banks seeking to preserve margins.
SBI Group’s broader strategy aligns with its domestic push to digitalize payments while leveraging global trends. The conglomerate reported that its fintech subsidiaries processed roughly ¥1.2 trillion ($8.5 billion) in remittance volume in 2023, a 14 % rise from the previous year. By integrating Ripple’s technology, SBI Remit aims to capture a larger share of the ¥10 trillion annual outbound remittance market from Japan.
Tottori Bank, founded in 1875 and primarily serving the Chūgoku region, will initially offer the service to midsize exporters and overseas workers, with plans to expand to small‑business customers later in the year. The collaboration also includes joint compliance frameworks to meet both Japanese AML regulations and Ripple’s anti‑money‑laundering standards.
The broader crypto market remained mixed on Tuesday, with Bitcoin hovering near $27,300 and Ethereum near $1,850.
⚠️ Risk Disclaimer: Crypto prices are highly volatile. This is not investment advice.
