Fasset x SBI Remit. Internal working paper. Not for circulation to SBI Remit

How we reach the numbers. assumptions, ranged

Prepared for Terry, Zarah, Rafi, Jawad
Basis. SBI Remit cost and volume note, Jan to Dec 2025
Status. Draft for Thursday discussion. 28 May 2026
Three deliverables for SBI Remit. regulatory and deposit protection, remittance cost implications, and post-flow card and investment projections. This page shows the assumption bridge behind each, with a conservative to upside range and a ledger of what is known, estimated, or pending confirmation from SBI.
Read first. reconcile before any basis-point figure goes to SBI The stated 5.56 bps and the listed cost lines sum to about USD 56k per month, which implies a volume base near USD 100M per month, against stated average volume of USD 190M. On the USD 190M base the same dollar cost is roughly 2.95 bps. The lines also disagree, the FX spread line implies a far smaller base, consistent with it applying only to bank-rail volume. Stated pre-funding cost of about USD 360k per year implies a funded base near USD 7M, an order of magnitude below the USD 25 to 50M our earlier research assumed, because XRP bridging already removed most nostro on PH, VN, ID. Net effect. recalibrate the direct cost saving down, lead on freed capital and new revenue.
A
Deposit protectionRelocated, not removed
The protection today is the performance guarantee deposit lodged with the Legal Affairs Bureau, or a bank or trust guarantee, sized to outstanding transfer obligations. That is the 1.67 bps line.
SBI Remit licence (Type II FTSP, since 2010)No new licence
Stablecoin handling, 2023 PSA amendmentPermitted
JPYSC reserve tier (Shinsei Trust, Type III)Highest
USDC, USDT intermediationJP reserve = custody
In-transit balance under T+0 settlementCompresses
Travel Rule, AML, sanctions screeningUnchanged
Argument. faster settlement shrinks the in-transit balance the guarantee deposit must cover, and trust-segregated reserves sit above the current mechanism. Open. does the MTO licence cover customer-invisible stablecoin flows, does Fasset need a settlement-intermediary registration, where do custody and Travel Rule duties sit. Japan counsel to clear before ship.
B
Cost implicationsPer year, for all parties
Addressable operating cost is about USD 672k per year on the stated lines. The direct saving is real but modest. the prize is freed capital and a margin defence.
Cost line, annualised
Now
Lever
Saved
Pre-funding
$360k
50 to 70%
$180 to 252k
Guarantee deposit
$240k
20 to 50%
$48 to 120k
Bank spread
$72k
20 to 40%
$14 to 29k
Direct saving [Est]
$240 to 400k
Capital freed to balance sheet [Est]$4 to 18M
Yield on freed capital, USD wrapper at 3 to 4%$0.1 to 0.7M
Combined benefit to SBI Remit [Est]$0.3 to 1.1M / yr
For all parties. SBI Remit. lower unit cost, freed capital, yield, margin defence against Wise, Remitly, Kraken-MoneyGram. Fasset. settlement and routing margin, split with SBI still open, Fasset unit costs high until volume scales. Customer. T+0, access to PK and BD corridors. Headline fee on existing cheap corridors barely moves, SBI already sits below the 5.5% Japan to Vietnam corridor average. Raw USDC pays the holder nothing, the yen leg yields less.
C
Post-flow revenueCard and investment, gross
Push products. without active SBI promotion uptake is negligible, so the conservative case is held genuinely low. Pool. active sender base 300 to 500k [Est], from 294k monthly transactions.
Driver
Cons
Base
Up
Card attach
5%
12%
25%
Cardholders
20k
48k
100k
Spend / mo
$150
$300
$500
Net take
0.8%
1.2%
1.6%
Card rev / yr
$0.3M
$2.1M
$9.6M
Invest attach
1.5%
4%
8%
Avg balance
$300
$800
$2,000
Take on AUM
1.0%
1.5%
2.0%
Invest rev / yr
$0.02M
$0.2M
$1.3M
Combined / yr [Est]
$0.3M
$2.3M
$11M
Gross partnership revenue, the Fasset to SBI split is unresolved. LTV logic. a remittance-only customer has low ARPU, the product ladder moves it toward the EM-neobank band, M-Pesa near $21, Revolut near $44, Nubank $67 to 102, supporting a 1.8 to 2.4x lifetime-value uplift [Est].
Known. sourced or stated
  • SBI cost lines and volume, Jan to Dec 2025 note. $190M / mo avg, peak $250M April, 294k txns / mo
  • Corridors by count. VN 89k, ID 63k, PH 57k, MM 42k, KH 20k
  • FTSP licence covers stablecoin handling, no new licence for core flow
  • JP to VN corridor averages about 5.5% to the customer, World Bank
Estimated. our model, ranged
  • Active sender base 300 to 500k, derived from txn count and send frequency
  • Funded base $7 to 25M, freed capital $4 to 18M, wrapper yield 3 to 4%
  • Card and invest attach, spend, balances, take rates, all [Estimated]
  • Guarantee-deposit reduction from settlement-time compression, [Inferred]
Confirm with SBI. Thursday
  • Which volume base and period the 5.56 bps was struck on
  • Actual nostro float per corridor and current cost of capital on it
  • Does the MTO licence cover customer-invisible stablecoin flows, incl JPYC
  • Does Fasset need a settlement-intermediary registration in Japan
  • Active customer count, average ticket, and take-rate per corridor
Fasset x SBI Remit. Assumptions one-pager. Internal. Forward figures carry [Estimated]. Ranges are conservative to upside. Splits and licensing pending counsel and SBI confirmation.