The cryptocurrency company Ripple has announced the beginning of a new cooperative effort with SBI Remit to speed up money transactions between Japan and Thailand. The project would enable Thais living in Japan to instantly transfer money home using RippleNet technology thanks to SBI Remit, the leading payment service in Japan. The Thai side in this endeavor will be represented by Siam Commercial Bank.
According to the press release, in one second, the yen will be accessible for withdrawal in Thai baht in Thailand thanks to the implementation, which will enable more than 47,000 Thais living in Japan to transmit money freely using ATMs. Prior to this, a special agent was needed to complete the transaction, which was primarily made with cash.
Nobuo Ando, representative Director at SBI Remit, said,
“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.”
Asia welcomes Ripple with open arms
While Ripple is being fully utilized by Asian nations and businesses, that are integrating XRP into their operations, in the United States, the company is facing significant regulatory pressure from the Securities and Exchange Commission. However, it appears like Ripple chose to commit $100,000,000 to this and place everything in the hands of attorneys after discovering the rules of this “battle” in order to focus all of its resources and attention on its primary business.
In other news, according to a business representative, Ripple Labs Inc., which is involved in a well-known legal dispute with the U.S. Securities and Exchange Commission, is considering buying some of the assets of the defunct cryptocurrency lender Celsius Network. This announcement was made by the firm earlier this week.
Furthermore, according to Ripple’s most recent study, 76% of financial institutions worldwide would employ blockchain technology and cryptocurrencies by 2025, and the business obviously wants a bigger share of that market. From this perspective, it makes the most sense for Ripple to expand into Asia, which thanks to technology is currently one of the world’s most rapidly rising regions.