Ripple Unveils Joint Project with SBI Remit to Streamline Money Transfers

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. Siam Commercial Bank will represent the Thai side in this endeavor. In response to progressive crypto regulation and innovation from businesses like SBI Remit, the APAC market is expanding dramatically. The APAC region is growing significantly in response to progressive #crypto regulation and innovation from companies like SBI Remit. Learn how we're partnering with Japan's largest money transfer provider to enable instant remittance services. https://t.co/6ToxwSxcFN — Ripple (@Ripple) August 16, 2022 As a result of the implementation, the yen will be accessible for withdrawal in Thai baht in Thailand in one second, enabling more than 47,000 Thais living in Japan to transmit money freely using ATMs. Before this, a special agent was needed to complete the transaction, mostly done with cash. Ripple is Welcome in Asia While Ripple is being fully utilized by Asian nations and businesses integrating XRP into their operations, the company faces significant regulatory pressure from the Securities and Exchange Commission (SEC) in the United States. However, after realizing the rules of this SEC-Ripple “battle,” the crypto solutions provid...