Ripple, a business that specializes in payment protocols, recently made an announcement that they will be cooperating with SBI Remit on a new project to make it simpler to send money between Japan and Thailand. This endeavor will be carried out in conjunction with the new initiative.
SBI Remit, the largest payment provider in Japan, is participating in the initiative and will make it possible for Thai nationals currently residing in Japan to quickly transfer money back to Thailand by utilizing RippleNet technology.
This will be available to Thai nationals who are currently traveling outside of Japan. The Thai side of this joint venture will be represented by the Siam Commercial Bank.
This makes it easier for the approximately 47,000 Thai nationals who are now living in Japan to transfer money back to their families in Thailand.
Customers of SBI Remit may promptly transfer money in Japanese Yen (JPY) to a recipient’s savings account at Siam Commercial Bank in Thailand by using ATMs to make the transaction.
In a very short amount of time, the money will be sent to the recipient in Thai Baht (THB). Prior to the provision of this service, recipients needed to collect their cash from an agent.
According to Nobuo Ando, Representative Director at SBI Remit, it is the company’s responsibility to continually look for advanced technology solutions in order to provide ever-improving remittance services for its consumers.
They anticipate that by using Ripple’s services, they would be able to unlock new income opportunities for their company and provide an improved service to their consumers. This is due to the consistent growth of remittance flows.
In related news, the results of a poll performed by Ripple indicated that people of the Asia-Pacific (APAC) region was three times more likely to acquire a virtual asset than residents of any other place in the world.
The most enthusiastic area was Europe, followed by North America and then the Middle East and Africa (MEA), both of which were much less enthusiastic than Europe. Europe was the most conservative region.
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