SBI Remit teams with Ripple to power instant remittances between Japan and Thailand

SBI Remit

SBI Remit enables Thai nationals
in Japan to send money home instantly


SBI Remit, in collaboration with Siam Commercial Bank (SCB), is using Ripple’s blockchain enterprise solution, xCurrent, to power real-time remittance payments between Japan and Thailand.

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.

Watch how xCurrent Works

“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.”


— Mr. Nobuo Ando, representative director at SBI Remit Co., Ltd

SBI Remit teams up with Ripple to power instant remittances between Japan and Thailand

About SBI Remit

Overview

SBI Remit is the largest money transfer provider in Japan

10B
billion monthly cumulative payment volume in JPY

90%
percent of customers are foreigners living in Japan

3Mo
months to complete Ripple implementation

2-5Sec
seconds to settle payment

Goal

SBI Remit is looking to become the best payment service provider for foreigners living in Japan.

Solution

SBI Remit and SCB are both using Ripple’s enterprise blockchain solution to enable instant remittance services.

Learn More About Joining RippleNet


Learn more about how to join Ripple’s growing global settlement network.