SBI Remit teams up with Ripple to power instant remittances between Japan and Thailand.
Goal: SBI Remit looked 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.
About SBI Remit
The largest money transfer provider in Japan
Monthly cumulative payment volume in JPY
Of customers are foreigners living in Japan
To complete Ripple implementation
To settle payment
“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 Co., Ltd
Send Money Home Faster, Cheaper
SBI Remit enables Thai nationals in Japan to send money home instantly. In collaboration with Siam Commercial Bank (SCB), SBI Remit is using RippleNet 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.