“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. Before offering this service, recipients were required to retrieve cash through an agent.”
Ripple has uploaded a new video explaining how the partnership works for customers in the real world.
In 2016, SBI had invested in 2016, and representative director at SBI Remit Nobuo Ando said the firm is looking at all the ways it can use the company’s blockchain technology for improving the remittances.
“It is our duty to continuously search for superior technological solutions to deliver ever improved 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.”