Japan's SBI Remit To Use Ripple's Technology For Instant Money Transfers

KEY POINTS

Japan's SBI Remit and Thailand's Siam Commercial Bank will use RippleNet
47,000 Thai nationals living in Japan can send remittances faster
Ripple sees huge potential for blockchain and crypto in the Asia Pacific region

Japanese international remittance service provider SBI Remit has partnered with Ripple to introduce instant money transfer services between Thailand and Japan.

In a statement Tuesday, Ripple confirmed the partnership with SBI Remit and added that the deal will also bring Thailand's Siam Commercial Bank (SCB) on board.

"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, Director at SBI Remit, stated.

The development was also revealed by Ripple on Twitter on Tuesday. It also pointed out the growth of crypto-based technologies in the Asia Pacific region.

The APAC region is growing significantly in response to progressive #crypto regulation and innovation from companies like SBI Remit.

Learn how we're partnering with Japan's largest money transfer provider to enable instant remittance services. https://t.co/6ToxwSxcFN
— Ripple (@Ripple) August 16, 2022

According to the arrangement, SBI Remit and SCB will make use of Ripple's RippleNet to process real-time remittances.

RippleNet is Ripple's cross-border payment network based on a blockchain that does not require the XRP token for the settlement of transactions.

With the usage of RippleNet, 47,000 Thai nationals living in Japan can send money to their home country almost instantly.

"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. Before offering this service, recipients were required to retrieve cash through an agent," Ripple said.

Recently, Ripple published a report wherein it stated that 76% of financial institutions and 71% of businesses will adopt crypto and blockchain services by 2025.

The firm is also on the lookout for the assets of bankrupt crypto lending platform Celsius as it recently filed for representation in proceedings of Celsius bankruptcy case although it was not among the platform's list of creditors.

"We are interested in learning about Celsius and its assets, and whether any could be relevant to our business," a spokesperson for Ripple revealed earlier.