In a new partnership with SBI Remit, Ripple Net has launched a remittance payment service for the Japan-Thailand corridor.
Ripple Partners With Japan’s Largest Payment Provider
The Ripple-SBI Remit partnership will introduce RippleNet technology to Japanese-based Thai-origin workers who want to send money back home in a streamlined and cost-effective manner. Since SBI Remit is Japan’s largest payment provider, it will give Ripple access to a large pre-existing user base in the country. The Siam Commercial Bank will be handling the Thai end of the venture.
Speaking on the partnership, Nobuo Ando, Representative Director at SBI Remit, commented,
“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.”
RippleNet To Make Remittance Payments Easier
Currently, there are around 47,000 Thai nationals living and working in Japan who send money home on a regular basis. The introduction of the RippleNet technology to this significant userbase will allow real-time remittance payments to Thailand. Thanks to the technology, SBI Remit’s customers in Japan can use ATMs to send money in Japanese yen to an SCB savings account in Thailand. The recipient will receive the funds instantly and in Thai bahts. The service will eliminate the need for any intermediate agency or individual.
The Global Ripple Effect
The Asia-Pacific (APAC) region has been a prime target of crypto services because of its rapid rise to prominence in the crypto market. In addition, the new pro-digital asset rules in the region have made it a very lucrative market for companies like Ripple Labs, which has been on a roll of bringing crypto-based payment services around the globe. The company and its proprietary RippleNet technologies have been especially targeting the major remittance corridors in the world.
Just last year, Ripple worked with cross-border payment solutions company, Tranglo to address customer demand issues in the existing payment corridors in the APAC region. A few months later, it partnered with financial services provider LuLu Exchange and a leading Pakistani bank, Bank Alfalah, to introduce the RippleNet platform to enhance the cross-border remittance corridor along UAE and Pakistan. The company has also launched the first of its kind On-Demand Liquidity (ODL) service in the Middle East in partnership with blockchain-based financial services technology company Pyypl.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.