Japan’s SBI Remit will use RippleNet technology to enable instant money transfers between Japan and Thailand.
The new partnership also brings Thailand’s Siam Commercial Bank (SCB) on board, Ripple said in a PR on Tuesday.
Japan-Thailand remittance service
As part of the agreement, both SBI Remit and SCB will use Ripple’s enterprise blockchain solution, RippleNet, to process remittance services in real time. At this time, Thai recipients use local agents to retrieve cash sent by relatives in Japan.
“This makes it possible for 47,000 Thai citizens living in Japan to send money home faster. SBI Remit customers can use ATMs to instantly send money in JPY to a recipient’s SCB savings account in Thailand and receive funds in THB in seconds,” Ripple said in PR of him.
Progressive regulation in APAC
Announcing the news of the new association in TwitterRipple underlined that progressive crypto regulation and business innovations in Asia-Pacific contribute significantly to the company’s growth in this market.
“It is our duty to continually seek superior technology solutions to provide better and better remittance services for our customers. With the steady rise in remittance flows, we see Ripple helping us unlock new revenue potential for our business and an overall better experience for our customers,” Nobuo Ando, Representative Director of SBI Remit, said of the development. .
A report published by Ripple a few days ago said that 76% of financial institutions and 71% of companies will start using blockchain and cryptocurrencies by 2025.
Ripple forges new partnerships
Last month, Ripple and Singapore-based fintech FOMO Pay announced a partnership that paved the way for the latter to use Ripple’s On Demand Liquidity (ODL) technology to provide low-cost, real-time cross-border payments to its customers. customers in US dollars. (USD) and euros (EUR). FOMO Pay is among the top digital payment processing companies in Southeast Asia.
Earlier last month, Ripple launched CBDC Innovate, a hackathon with $197,000 in prizes, aimed at fostering technologies for CBDC interoperability and financial inclusion. As part of the contest, developers were asked to create apps that run on the XRP Ledger (XRPL), Ripple’s open source blockchain.
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