Ripple (XRP) To Power Remittances Between Japan And Thailand

August 17, 2022 9:42 pm

Ripple just announced a new partnership with SBI Remit in order to make money transfers between Japan and Thailand much more efficient.

With this new partnership, there will be a new joint project where SBI Remite will allow Thai citizens who are living in Japan to send money back home using Ripple’s network.

What this basically means is that nearly 50,000 people will be able to instantly send money to another country and have the transfer be settled instantly at no cost.

This beats any other current solution on the market by a mile and is part of the reason why Ripple is being favored by financial institutions to do cross-border payments.

U.today reports:

According to Ripple’s press release, thanks to the implementation, more than 47,000 Thais in Japan will be able to freely send yen to Thailand using ATMs, and in one second they will be available for withdrawal in Thai baht there.

In comparison, such a transaction previously required the involvement of a special agent and was mostly done only through cash.

While Asian countries and companies are taking full advantage of Ripple and incorporating XRP into their operations, in the U.S., the company has come under serious regulatory pressure from the Securities and Exchange Commission.

Nevertheless, it seems that Ripple, realizing the rules of this “war,” decided to allocate a hundred million dollars to this and put everything in the hands of lawyers in order to concentrate all its efforts and attention on its core business.

Ripple has also released a new study recently that states that the majority of financial institutions around the world will use blockchain and crypto within the next 3 years.

With Ripple already leading the financial space in Asia and Europe, it seems that it will be the favored cross-border solution for many of these institutions that say they will use blockchain in the coming years.

More cross border remittances as a result of partnerships are expected to take place soon for many other countries.

CryptoPotato.com reports:

Announcing the news of the new partnership on Twitter, Ripple underlined progressive crypto regulation and business innovations in Asia-Pacific as significant contributors to the growth of the company in this market.

“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, Representative Director at SBI Remit, said on the development.

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 low-cost and real-time cross-border payments to its customers in US dollars (USD) and euros (EUR). FOMO Pay is among the top digital payment processing companies in Southeast Asia.

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