State Bank of Mauritius (SBM), is a bank in Mauritius that the Bank of Mauritius, the national banking regulator, has licensed as a commercial bank.
SBM is the second-largest bank in Mauritius with a market share of about 25% of domestic banking assets. As of June 2011, its total asset valuation was approximately US$3.34 billion (MUR:95.7 billion), with shareholders’ equity of about US$557.1 million (MUR:16 billion).
SBM, together with its subsidiary businesses in Kenya, Mauritius, Madagascar and India, is known as SBM Group. The stock of the group is listed on the Stock Exchange of Mauritius and is owned by nearly 17,000 domestic and International shareholders. SBM has about 1,900 employees and services about 527,000 customers through its network of 48 service units and counters in Mauritius, India, Madagascar, and Kenya.
Back in August of 2020, SBM Bank India partnered with InstaRem to enhance outbound remittance services. InstaReM rebrands to Nium, world’s first global enterprise payments platform back in 2019. InstaRem is a known on demand liquidity (XRP) user.
Ripple Case Study With Nium -> https://ripple.com/customer-case-study/nium/
July 19th, 2021
SBM Bank ties up with 30 fintechs to grow deposits. The bank can offer customers immediate cross-border payments through its partnership with Nium. Other partners include RedCarpet, EnKash, Karbon, Finin, Open and kodo
SBM Bank partnered 30 fintech firms.
“The bank can offer customers immediate cross-border payments through partnership with (Ripple partner) NIUM.”
👉Offshore parent enables use of Remittance Scheme for purchasing shares or other assets through foreign currency.#xrpthestandard pic.twitter.com/9NZEqKQRMy
— Tehol_Beddict_XRP (@TeholBeddictXRP) July 19, 2021