The SBI Remit partner ecosystem, a multi-rail hybrid.
A global cash-pickup network of ~250,000 outlets, ten direct correspondent banks across six Asian corridors, two cross-border payment hubs, two e-wallets, and twenty-six Japanese regional banks — all stitched into one regulated platform under Japan's FSA. Every partner verified against its primary regulator.
Countries reachable via the MoneyGram cash-pickup grid
26
Japanese regional & shinkin banks distributing SBI Remit
10
Direct correspondent banks & aggregator partners on the official list
14+
Independent regulators across the partner stack
CORRIDOR ARCHITECTURE
Four parallel rails, one platform.
SBI Remit deliberately operates four overlapping settlement rails so no single counterparty failure interrupts an outbound flow. Hover any node to see the regulator, partner entity, and settlement mechanism.
Japan-origin corridor map
Live correspondent partners as published on the SBI Remit official correspondent page (last updated October 2025).
SBI Remit holds the issuing licence; everything else is a downstream contract or distribution agreement. Ripple is one of those contracts — a 13.71% shareholder and a back-office settlement-optimisation layer, not the foundation.
SBI Remit Co., Ltd. — shareholder structure
As disclosed on the SBI Remit official corporate profile. Capital ¥50m, established 24 August 2010.
82.94% SBI Group
13.71%
SBI Group (parent / control)82.94%
Ripple Labs Inc. (minority)13.71%
Other3.35%
The four infrastructure layers
Each independently licensed. Each replaceable.
01 · Cash-Pickup Backbone
MoneyGram (since Nov 2010)
SBI Remit's foundational and longest-running rail. ~250,000 outlets across ~200 countries. Carries the long tail of corridors that don't justify a bilateral correspondent.
02 · Direct Correspondent Banks
Asia-corridor specialists
Ten directly contracted banks across Philippines, Vietnam, Indonesia, Cambodia, Thailand and Myanmar. Bilateral T+1 fiat settlement on the corridors that drive most volume.
03 · Aggregator Hubs
Nium · Tranglo
SWIFT-rail USD/EUR/GBP via Nium for tail markets; Tranglo provides redundant Asian payout. Nium-licensed in 11+ jurisdictions; Tranglo licensed in BNM (Class B 00520) and MAS.
04 · DLT Optimisation (optional)
Ripple Payments — backend layer
Used selectively where corridor liquidity is sufficient (PH since 2021; TH, VN, ID later). Sits behind the licensed rails above — not a replacement for them.
HYBRID ROUTING LOGIC
One sender, three routing decisions, four possible rails.
Every outbound transaction is routed dynamically based on destination country, recipient profile, amount and corridor-specific economics. The same JPY can take very different paths depending on whether the receiver wants cash-in-hand, a bank deposit, an e-wallet credit, or simply the cheapest rate.
Routing reflects rail economics, not ideology.
The rail chosen depends entirely on which one is cheapest, fastest and best-licensed for the corridor — not on whether it's "modern" or "legacy". Most outbound flow runs over Routes 1 and 2.
01Route 1 · Cash pickup via MoneyGram. The default for tail corridors and unbanked recipients. ~10-minute payout, ~200 countries.
02Route 2 · Direct correspondent bank. Used on high-volume Asian corridors where SBI Remit holds bilateral relationships. T+0 to T+1 in local currency.
03Route 3 · SWIFT or hub. Nium for SWIFT in major currencies; Tranglo for redundant Asian payout. Reaches markets without direct correspondents.
04DLT overlay (optional). When liquidity is deep enough (PH, TH, VN, ID), Ripple Payments can be used as a backend optimisation layer to compress FX and settlement cost.
PARTNER REGISTRY
Twenty-five regulated counterparties.
Click any card to expand. Filter by category to see how SBI Remit's stack splits across cash networks, direct banks, aggregators, e-wallets and domestic distribution.
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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, settlement methods and verifiable links to each regulator's primary register.
Scroll horizontally to view all 11 columns. Two leftmost columns stay pinned for reference.
#
Company (Legal · Trading)
Category
Key License(s) & Jurisdictions
Primary Regulator
Core Function for SBI Remit
Operating Jurisdictions
Settlement Method & Notes
Status
Regulatory Verification
Rail Type
RAIL DISTRIBUTION
Where each rail reaches.
The four rails do not compete for the same volume — they cover different geographies, customer profiles, and price points. The chart shows approximate country/corridor coverage per rail; the share-card shows the size of the domestic distribution funnel inside Japan.
Japanese banks & shinkin distributing SBI Remit's outbound product domestically (as of April 2026)
26FIs · Apr 2026
From Michinoku (early adopter) to Tottori (April 2026, #26) — the largest non-megabank consumer-remittance distribution funnel in Japan.
DEPLOYMENT HISTORY
Sixteen years of stack-building.
From the 2010 MoneyGram tie-up that founded the cash-pickup backbone to the 26-bank Japanese domestic distribution network announced in April 2026.
NOV 2010
MoneyGram · cash backbone
SBI Remit's first international remittance partner, the day Japan's Payment Services Act took effect.
SEP 2017
CB Bank · Myanmar corridor
Direct correspondent for MMK; one of the earlier dedicated Asian banking tie-ups.
MAR 2020
SBI LY HOUR · Cambodia
National Bank of Cambodia commercial-bank licence granted to SBI's 70%-owned Cambodian subsidiary.
JUL 2021
First DLT corridor · PH
Coins.ph live as Japan's first Ripple ODL corridor — selective overlay on existing PH rail.
JAN 2025
SBI Shinsei Bank · intra-group
Strategic intra-group distribution partnership; flagship bank-meets-MTO model in Japan.
APR 2026
Tottori Bank · 26th member
Japanese domestic distribution network reaches 26 financial institutions.
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.
Regulator registers, official press releases and corporate disclosures referenced throughout this brief. Click any card to open the source.
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.