- Ripple is partnering with SBI to make Japan-Thailand transactions easier.
- Siam Commercial Bank is going to be the bank that represents Thailand in this joint venture.
- A recent survey by Ripple showed that Asia Pacific residents are the most blockchain-friendly.
Ripple, a company that specializes in payment protocols, announced that they would be collaborating with SBI Remit on a new initiative to facilitate easier money transfers between Japan and Thailand.
SBI Remit, the biggest payment provider in Japan, is participating in the initiative and will make it possible for Thai nationals currently residing in Japan to rapidly transfer money back to Thailand by using RippleNet technology. Siam Commercial Bank will represent Thailand in this joint venture.
This expedites the process of sending money back home for the 47,000 Thai nationals presently residing in Japan. Customers of SBI Remit may utilize ATMs to immediately transfer money in Japanese Yen (JPY) to a recipient’s savings account at Siam Commercial Bank in Thailand. The receiver will get the cash in Thai Baht (THB) within a matter of seconds. Before offering this service, recipients were required to retrieve cash through an agent.
Nobuo Ando, Representative Director at SBI Remit, said:
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.
In related news, the findings of a survey compiled by Ripple showed that the residents of the Asia-Pacific (APAC) region were three times more likely than residents of any other area to purchase a virtual asset. Europe was the most conservative region, followed by North America and the Middle East and Africa (MEA), all of which were considerably less enthusiastic than Europe.
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