Key facts
- SBI Holdings is investing in Fasset to develop alternative remittance channels.
- SBI Remit will explore stablecoin-based remittance services using Fasset's digital asset platform.
- Fasset's platform has over two million wallets and handles approximately $32 billion in annual transactions.
- SBI is developing payment solutions across 16 blockchain networks and over 50 banking partners.
- SBI Holdings recently launched Solana trading and custody services.
Ripple partner SBI Holdings is broadening its approach to cross-border payments by investing in Fasset, a United Arab Emirates-based fintech firm. This strategic move indicates SBI's intention to move beyond its existing reliance on Ripple's XRP Ledger (XRPL) and RippleNet, exploring alternative remittance channels and embracing a multi-network strategy.
The partnership, formalized through a memorandum of understanding between SBI Remit and Fasset, focuses on developing next-generation international payment infrastructure. A key aspect of this collaboration will be the exploration of stablecoin-based remittance services, leveraging Fasset's digital asset platform, which boasts over two million wallets and facilitates approximately $32 billion in annual transactions. SBI is also concurrently developing payment solutions that span 16 different blockchain networks and involve over 50 banking partners.
This diversification comes despite SBI's long-standing relationship with Ripple, which includes the joint venture SBI Ripple Asia established in 2016 to promote RippleNet adoption in the Asia-Pacific region and institutional acceptance of XRPL. In a separate development, SBI Holdings has also recently introduced trading and custody services for Solana.
The move signifies SBI's growing interest in digital assets and expanding its crypto services, a venture it has been involved in for nearly a decade. The company's broader digital asset strategy appears to be evolving towards a more flexible, multi-network approach, allowing it to integrate stablecoin settlement rails while still potentially utilizing Ripple's existing technologies.