SBI Remit Partners With Ripple For Instant Remittance From Japan To Thailand

Ripple announces partnership with SBI Remit for instant remittances. (Ripples)

JAKARTA – Cross-border remittance and blockchain solutions company Ripple recently announced its partnership with SBI Remit Japan. SBI Remit is an international money transfer company. Remit will use Ripple's services for instant money transfer services between Japan and Thailand.

Not only that, Ripple announced that the collaboration with SBI Remit will also add a new agreement with a bank in Thailand, namely Siam Commercial Bank (SCB).

SBI Remit stated that the collaboration was the company's effort to improve remittance services using superior technology. SBI recognizes that Ripple can help it unlock new potential.

“It is our duty to continuously seek superior technology solutions to provide ever-increasing remittance services for our customers. With the steady increase in remittance flows, we see Ripple helping us unlock new revenue potential for our business and a better overall experience for our customers,” said Nobuo Ando, ​​Director of SBI Remit.

Meanwhile, Ripple itself welcomed the development through its official Twitter account. This shows the growth of crypto-based technology in the Asia Pacific region.

“The APAC region is growing significantly in response to #crypto and innovation from companies like SBI Remit,” wrote @Ripple's Twitter post, August 16, 2022.

“Learn how we partnered with Japan's largest remittance provider to enable instant money transfer services,” added Ripple.

Under the agreement, SBI Remit and SCB plan to use RippleNet for instant and real-time remittances. As is well known, RippleNet is Ripple's cross-border payment network that uses blockchain technology and XRP coin for fast transaction settlement.

With the announcement, around 47,000 Thai nationals living and working in Japan can send money to their relatives in Thailand in a short period of time. Even the money transfer will not take long, the transfer using RippleNet will be completed in seconds.

“SBI Remit customers can use ATMs to directly send money in JPY to the recipient's SCB savings account in Thailand and receive funds in THB within seconds. Before offering this service, recipients are required to collect cash through an agent,” said Ripple.

Previously, Ripple had also expressed their interest in buying assets belonging to the bankrupt crypto company, Celsius. However, Ripple said it would study Celsius and its assets first. Ripple wanted to see if there was any relevance between the Celsius service and Ripple.

Ripple owns the main coin XRP. Currently XRP occupies the sixth position as the largest cryptocurrency by market capitalization. XRP is just below BNB, USDC and USDT. Based on Coinecko's report, XRP is currently trading at a price of IDR 5,570. Its price performance has decreased by 2.7% in the last 24 hours. Even though Ripple was banned by the US Securities and Exchange Commission (SEC), XRP is still firmly in the top six cryptocurrencies.