The service uses RippleNet to create a payments corridor between banks in Cambodia and Vietnam.
SBI's support of XRP is a sign of the digital token's continued strong fan base in Japan.
SBI's digital assets subsidiary will lead a round that will have raised around $30 million for the Swiss firm over six months.
SBI's founder and CEO Yoshitaka Kitao said his firm would turn the planned crypto venture into a core source of profitability.
The exchange reportedly planned by SBI and SMFG is expected to be the first of its kind in Japan.
The SBI Holdings statement refers to a research article by Sadakazu Osaki of the Nomura Research Institute indicating that under Japanese law XRP is a "cryptocurrency asset" and not a security.
A subsidiary of SBI Holdings said it's launched a service allowing users to ‘lend’ bitcoin to the firm and earn an interest at the rate of 1% annually in return.
The Japanese financial group is also mulling other business lines around tokenized securities.
Already live on SBI's forex trading platform, the contracts for difference (CFDs) are available in bitcoin, ether and XRP flavors.
B2C2 wants to use its new partnership with SBI Holdings as a route to becoming a crypto prime broker.
Japan's crypto-friendly financial firm SBI Holdings will give shareholders the option to receive the XRP cryptocurrency as a benefit.
Potentially the world's biggest bitcoin mine, one still under construction, is said to have signed up two top corporate customers in the form of SBI Holdings and GMO.
Blockchain-based payments firm Ripple has raised $200 million in a Series-C funding round with Tetragon, SBI Holdings and Route 66 Ventures all investing.
Blockchain forensics firm Elliptic has raised $23 million in Series B round led by Tokyo-based financial institution (and XRP holder) SBI.
SBI Holdings, the investment arm of Japanese financial giant SBI Group, will pay out dividends in the third largest cryptocurrency by market capitalization, XRP.