SBI Holdings Expands Blockchain Strategy Beyond Ripple Ecosystem
- SBI Holdings has signed a memorandum of understanding with UAE-based fintech firm Fasset to enhance its cross-border payment services.
- The partnership aims to explore stablecoin-based remittance services, leveraging Fasset’s platform with over two million wallets and $32 billion in annual transactions.
- SBI Remit is developing payment solutions across 16 blockchain networks and collaborating with over 50 banking partners.
- Earlier this year, SBI Ripple Asia registered as a third-party prepaid payment instrument issuer in Japan and launched a token issuance platform on the XRP Ledger.
- This move reflects SBI’s strategy to diversify beyond RippleNet and the XRP Ledger for its digital asset initiatives.
SBI Holdings’ collaboration with Fasset highlights its commitment to advancing international payment infrastructure through blockchain technology. The focus on stablecoin remittances signifies a shift towards integrating multiple networks while still utilizing Ripple’s technology.
This strategic investment positions SBI Remit to potentially handle significant transaction volumes, as evidenced by Fasset’s $32 billion annual transactions.(Source)
