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- Ripple collaborates with SBI Remit to enable instant money transfer.
- This collaboration benefits the users of Japan and Thailand to use real-time payments.
The Japanese SBI Remit, proceeding to use RippleNet technology for real-time payments between Japan and Thailand. In a recent press release on Tuesday, Ripple announced its collaboration which also includes Thailand’s Siam Commercial Bank (SCB).
Ripple noted in its PR that, “This makes it possible for 47,000 Thai nationals living in Japan to send money home faster. 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.”
Ripple’s Report Analysis Globally
The crypto solution firm Ripple stated that its expansion in Asia-Pacific is due to the growth in crypto regulations and latest business innovations. As per the report analysis of Ripple, around 76% financial organisations and 71% businesses will enable the use of cryptocurrencies and blockchain technology by the year 2025.
The representative director at SBI Remit, Nobuo Ando, also stated that, “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.”
Previously, Ripple also announced its collaboration with FOMO Pay, which is a Singapore-based fintech firm. It used On-Demand Liquidity (ODL) technology of Ripple, that facilitated low-cost and real-time cross border payments.
Furthermore, Ripple last month launched a competition, CBDC Innovate, with $197,000 prize money. It focused on enhancing technologies for CBDC interoperability and financial inclusion. Amid the announcement by Ripple, the current price of XRP is $0.377094 USD with 0.18% down in the last 24 hours.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
