Ripple said its expanding presence in Asia-Pacific is made possible by advancing crypto legislation and business advancements.
SBI Remit of Japan will use RippleNet Technology to facilitate instantaneous money transfers between Japan and Thailand.
The new alliance includes Thailand’s Siam Commercial Bank (SCB), according to a press release issued by Ripple on Tuesday.
Ripple’s corporate blockchain technology RippleNet will be used to handle real-time remittance services between SBI Remit and SCB as part of the agreement. Currently, Thai receivers utilise local brokers to reclaim money donated by Japanese relatives.
“This allows 47,000 Thai nationals residing in Japan to transfer money home more quickly. Ripple claimed in a press release that its service SBI Remit allows Japanese yen (JPY) to be sent quickly by ATM to a Thai Baht (THB) savings account.
Ripple highlighted advanced crypto laws and business innovations in Asia-Pacific as essential factors to the company’s success in this area while announcing the new relationship on Twitter.
“It is our responsibility to continually seek innovative technology solutions to provide our consumers with ever-improving remittance services. SBI Remit’s Representative Director Nobuo Ando commented on the surge in remittances, saying, “We envision Ripple helping us open up new income opportunities for our company and a better overall experience for our consumers.”
Ripple Forming New Alliances
A Singaporean Fintech company called FOMO Pay and Ripple just announced a collaboration that would allow FOMO Pay to employ Ripple’s On Demand Liquidity (ODL) technology to provide its clients instant, low-cost, cross-border payments in US dollars (USD) and euros (EUR).
At the beginning of last month, Ripple sponsored CBDC Innovate a hackathon with $197,000 in prize money to promote innovations for CBDC interoperability and financial inclusion. Participants were tasked with creating programs that operate on Ripple’s open-source blockchain, XRP Ledger (XRPL).