Ripple And SBI Remit Strike A Deal To Debut Instant Transfer Services
- SBI Remit, has recently joined hands with Ripple to use its RippleNet Technology to enable instant remittance services between Japan and Thailand.
- Siam Commercial Bank (SCB), Thailand’s major insurance company, has also come on board with the idea of using RippleNet.
Japan’s leading money transfer provider, SBI Remit, has recently joined hands with Ripple to use its RippleNet Technology to enable instant remittance services between Japan and Thailand.
According to the announcement by Ripple, the new partnership will also bring Thailand’s major insurance company, Siam Commercial Bank (SCB), on board.
Currently, Thai recipients reclaim money sent by their relatives in Japan using local intermediaries. However, with the combined efforts of the three entities, the system will process real-time remittance services using Ripple’s commercial blockchain solution RippleNet.
This enables the 47,000 Thai nationals residing in Japan to send money home more speedily. The release states that SBI Remit customers can use ATMs to send money in Japanese Yen to the recipient’s SCB savings accounts in Thailand instantly and receive money in Thai Baht in a matter of seconds. Nobuo Ando, Representative Director at SBI Remit, commented on the new partnership by stating:
“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.”
While announcing the new partnership on Twitter, Ripple highlighted the region’s progressive business innovations and regulatory policies governing cryptocurrencies as key factors in the company’s expansion in this area.
Ripple recognizes the massive potential the crypto market carries. Notably, a report by the company predicts that 76% of financial institutions and 71% of businesses across the world will start using blockchain technology by adopting cryptocurrencies by 2025. Despite being stuck in a high-profile dispute with the United States Securities and Exchange Commission, Brad Garlinghouse-led company has never let the lawsuit affect its partnerships and expansion plans.
Early in July, the company announced the launch of CBDC Innovative, a hackathon aimed to encourage technology got CBDC interoperability and financial inclusion, with $197,000 in prize money.
Moreover, in the same month, Ripple announced a partnership with Singapore-based leading digital payment processing company in Southeast Asia, FOMO Pay to allow the latter to use the former’s On Demand Liquidity (ODL) technology. The deal aimed to provide low-cost real-time cross-border payments to FOMO Pay’s customers in US dollars and euros.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
