Talking about its growing footprint in the Asia-Pacific, Ripple said it is possible due to progressive crypto regulations and business innovations.
Japan’s SBI Remit will use RippleNet Technology to enable instant money transfers between Japan and Thailand.
Ripple says the new partnership also puts Thailand’s Siam Commercial Bank (SCB) on its board, Ripple said in a PR post Tuesday.
Japanese-Thai money transfer service
As part of the agreement, both SBI Remit and SCB will use Ripple’s enterprise blockchain solution RippleNet to process real-time remittance services. Right now, recipients in Thailand use local agents to get cash sent by their relatives in Japan.
“This helps 47,000 Thai citizens living in Japan to be able to send money back home faster. SBI Remit customers can use an ATM to instantly deposit funds in JPY to a recipient’s SCB savings account in Thailand and receive funds in THB within seconds,” Ripple said in its PR post. .
Progressive Regulation in APAC
Announcing the news of the new partnership on Twitter, Ripple highlighted progressive crypto regulation and business innovations in Asia-Pacific as significant contributors to the company’s growth. company in this market.
“Our mission is to continually seek out cutting-edge technology solutions to provide ever-improving remittance services to our customers. With a 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, The representative director at SBI Remit, said about this development.
A report published by Ripple a few days ago stated that 76% of financial institutions and 71% of businesses will start using blockchain and cryptocurrencies by 2025.
Ripple Forms New Partnership
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 cross-border payments. real-time and low-cost world for its customers in US dollars. (USD) and euro (EUR). FOMO Pay is one of the leading digital payment processing companies in Southeast Asia.
Earlier last month, Ripple launched CBDC Innovate, a $197,000 hackathon that incentivizes technologies for CBDC interoperability and financial inclusion. As part of the competition, developers were asked to build applications that run on top of the XRP Ledger (XRPL), Ripple’s open-source blockchain.