RESEARCH BRIEF · UPDATED MAY 2026

The SBI Remit
partner ecosystem,
mapped end-to-end.

Twenty-five regulated counterparties, three Ripple-aligned liquidity entities, and twenty-six Japanese banks — the full corridor stack behind Japan's largest international remittance provider, with every license verified against its primary regulator.

Scope: Cross-border payments & liquidity networks
Method: Primary-source license verification
Citations: 30+ regulator & press sources
26
Japanese banks in the SBI Remit Ripple Payments Network
20+
Direct correspondent banks & payment partners
13.71%
Ripple Labs equity stake in SBI Remit
$2B
H1-2023 Tranglo ODL volume across Ripple corridors
CORRIDOR ARCHITECTURE

Every payout corridor, by liquidity rail.

Hover any node to see the regulator, partner, and settlement mechanism. Green corridors use XRP via Ripple Payments (formerly ODL). Blue uses RippleNet messaging on fiat rails. Gray uses traditional SWIFT or cash-pickup networks.

Japan-origin corridor map

Live correspondent partners as listed by SBI Remit, with regulatory verification.

XRP / Ripple Payments (ODL) RippleNet messaging Traditional / SWIFT / cash
JAPAN · SBI REMIT FSA · Kanto LFB 00008 CHINA UnionPay Intl. PERU Jet Peru S.A. NEPAL City Express · Nabil MYANMAR CB Bank PCL THAILAND SCB · RippleNet VIETNAM TPBank · Tranglo CAMBODIA SBI LY HOUR · ACLEDA PHILIPPINES Coins.ph · GCash · LandBank INDONESIA BRI · BCA · Tranglo SRI LANKA MoneyGram BRAZIL MoneyGram
CAPITAL STRUCTURE

A rare three-way relationship
with Ripple.

Most ODL/Ripple Payments customers are arms-length. SBI Remit is unusual: Ripple is simultaneously a shareholder, a joint-venture partner, and the underlying network operator.

SBI Remit Co., Ltd. — shareholder structure

As disclosed on the SBI Remit official corporate profile.

82.94% SBI Group
13.71%
SBI Group (parent) 82.94%
Ripple Labs Inc. 13.71%
Other 3.35%

Ripple's three roles

Same counterparty, three regulatory perimeters.

01 · Equity
13.71% shareholder
Direct equity stake in SBI Remit; SBI Holdings reciprocally a major Ripple shareholder.
02 · Joint Venture
SBI Ripple Asia Co., Ltd.
Tokyo JV; technology distributor and integrator for APAC corridors.
03 · Network Operator
Ripple Payments (ex-ODL)
Operates the XRP-bridged liquidity rail used for JP→PH, VN, ID corridors.
SETTLEMENT MECHANICS

How a Japan→Philippines
ODL transfer actually settles.

Three regulators, four entities, and one bridge asset — the structural anatomy of Ripple's first live On-Demand Liquidity corridor in Japan, operational since 27 July 2021.

SENDER SBI Remit (JPY) Foreign worker in Japan · Kanto LFB No. 00008 LIQUIDITY · ON-RAMP SBI VC Trade FSA Crypto-Asset Exchange · EPI Op. No. 00001 BRIDGE ASSET (3-5 SECONDS) XRP Ledger · Ripple Payments Ripple Labs · NYDFS BitLicense · MAS MPI · Ireland VASP LIQUIDITY · OFF-RAMP Coins.ph (Betur Inc.) BSP VASP + EMI + EPFS Type A + Remittance/FXD-MC RECEIVER PHP wallet · Coins.ph user JP-FSA JP-FSA crypto Multi-juris PH-BSP PH-BSP

One transfer, four entities, three regulators.

Each leg sits inside a different regulator's perimeter. The architecture took two years to structure after SBI Ripple Asia's formation — and the same template now powers the 2023 expansion to Vietnam and Indonesia via Tranglo.

  • 01SBI Remit originates the request as a Japanese Type II Funds Transfer Service Provider.
  • 02SBI VC Trade on-ramps JPY → XRP using its FSA crypto-exchange license.
  • 03XRP Ledger bridges value cross-border in 3–5 seconds.
  • 04Coins.ph off-ramps XRP → PHP and credits the receiver's wallet under its BSP VASP+EMI license.
PARTNER REGISTRY

Twenty-five regulated counterparties.

Click any card to expand. Filter by category to compare licensing structures across the ecosystem.

Filter
FULL COMPARISON MATRIX

Every entity, every column.

The complete analyst view: legal & trading names, license types, primary regulators, relations to SBI Remit, operating jurisdictions, network roles, and verifiable links to both regulatory registers and ODL/liquidity citations.

Scroll horizontally to view all 10 columns. Two leftmost columns stay pinned for reference.
# Company
(Legal · Trading)		 Category Key License(s) & Jurisdictions Primary Regulator Relation to SBI Remit Operating Jurisdictions Network / Technology Role Status Regulatory
Verification		 ODL / Liquidity
Citation
VOLUME · LIQUIDITY DEPTH

The numbers behind Tranglo.

Tranglo — 40% owned by Ripple and dual-licensed in Malaysia (BNM) and Singapore (MAS) — is the single largest off-ramp in SBI Remit's ODL stack. Its public ODL volume disclosure is the clearest signal of corridor depth.

Tranglo ODL volume on Ripple Payments

USD volume processed via On-Demand Liquidity. Source: Tranglo public disclosure, 2023.

DEPLOYMENT HISTORY

Nine years of corridor build-out.

From the first commercial RippleNet remittance in 2017 to the 26-bank Japanese network announced in April 2026.

JUN 2017
SCB · Japan→Thailand
First commercial RippleNet remittance globally. JPY→THB in 2–5 sec.
NOV 2019
TPBank · Japan→Vietnam
First Japan–Vietnam DLT remittance via SBI Ripple Asia.
JUL 2021
Coins.ph · Japan→PH ODL
First live On-Demand Liquidity corridor in Japan, using XRP as bridge.
MAY 2021
SBI LY HOUR · DLT licence
National Bank of Cambodia grants DLT cross-border transfer licence.
SEP 2023
Tranglo · PH/VN/ID expansion
XRP bridge extended to bank accounts in three SE Asia markets.
APR 2026
Tottori Bank · 26th member
SBI Remit Ripple Payments Network reaches 26 Japanese FIs.
REGULATORY VERIFICATION

Every license, every regulator.

Each license number can be cross-checked against the issuing authority's public register. Click "Verify" to open the regulator's primary record.

Entity
License Type
Number
Regulator
PRIMARY SOURCES

Every claim, every citation.

All regulator registers, official press releases, and corporate disclosures referenced in this brief. Click to open.

Built for analysts who verify everything.

Every entity in this brief is independently registered and verifiable. Use the references section to cross-check any data point against its primary regulator.

View References → Browse Partners