SBI Remit stepped forward to show financial services dominance in Southeast Asia via Ripple (XRP).
SBI Remit is a part of the SBI Group. The main vision of SBI Remit is to provide International remittance service. SBI Group is known as Strategic Business Innovator Group, & it is a services company based in Tokyo, Japan. The portfolio of this group is in several financial sectors e.g. financial services, including securities, asset management, banking, and insurance, etc.
On 6 Sep 2023, SBI Remit announced its partnership with Ripple to strengthen its international payment services with the help of Ripple’s infrastructure & XRP coin with the banks in Indonesia, Philippines, and Vietnam.
Following this news, XRP crypto coin lovers considered that the XRP lawsuit reached a level where the majority of the people can see the actual conflict, where Ripple labs is innocent & the global payment service providers are looking at Ripple as a generation of the payment system.
Following this news, the trade volume in the XRP coin surged rapidly. The current trade price of the XRP coin is $0.5 & this trade price is 1% higher over the last 24 hours trade price.
Since Dec 2020, the United States Securities & Exchange Commission (SEC) and Ripple Labs have been in a legal conflict with each other.
A month ago, the court judge ruled in favour of Ripple Labs but the SEC agency was not in mood to accept Ripple’s victory, so decided to appeal against the court ruling.
A recent court document showed that the SEC lawyers accused the Ripple team of trying their best to slow down the XRP lawsuit proceedings so that Ripple executives could get more time to sell XRP coins illegally.
In short, the US SEC filed a motion in the court to speed up the court proceedings in the XRP Lawsuit.
It is worth it to note that in early 2021, the Ripple lawyers accused the SEC body of similar allegations and alleged that the SEC tried to slow down the court proceedings with the help of unusual facts & reasons.