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.
As part of the arrangement, both SBI Remit and SCB will use Ripple’s enterprise blockchain solution RippleNet to process real-time remittance services. Right now, Thai recipients use local agents to retrieve cash sent by their relatives in Japan.
“This makes it possible for 47,000 Thai nationals living in Japan to send money home faster. SBI Remit’s customers can use ATMs to instantly send money in JPY to a recipient’s SCB savings account in Thailand and receive funds in THB within seconds,” Ripple said in its PR.
Announcing the news of the new partnership on Twitter, Ripple underlined progressive crypto regulation and business innovations in Asia-Pacific as significant contributors to the growth of the company in this market.
“It is our duty to continuously search for superior technological solutions to deliver ever improving remittance services for our customers. With the steady rise of remittance flows, we see Ripple helping us open up new revenue potential for our business and a better overall experience for our customers,” Nobuo Ando, Representative Director at SBI Remit, said on the development.
A report published by Ripple a few days ago said 76% of financial institutions and 71% of businesses will start using blockchain and cryptocurrencies by 2025.
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 and real-time cross-border payments to its customers in US dollars (USD) and euros (EUR). FOMO Pay is among the top digital payment processing companies in Southeast Asia.
Early last month, Ripple launched CBDC Innovate, a hackathon with $197,000 in prize money, aimed at encouraging technologies for CBDC interoperability and financial inclusion. As part of the contest, developers were asked to build applications that run on XRP Ledger (XRPL), Ripple’s open-source blockchain.
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