SBI Remit Partners with Shonan Shinkin Bank to Offer International Remittance Service
SBI Remit, a long-time Ripple partner, has expanded its presence in Japan through a partnership with Shonan Shinkin Bank. The collaboration aims to provide a convenient solution for international employees in Japan who need to transfer money abroad. By leveraging the expertise and network of both institutions, this service will meet the growing demand for international remittances in the country.
Establishment in the Kanagawa Prefecture
The partnership between SBI Remit and Shonan Shinkin Bank focuses on facilitating remittances sent by overseas employees. This is particularly significant in the Kanagawa Prefecture region, which has seen a significant increase in the number of foreign workers. The relationship between Shonan Shinkin Bank and SBI Remit is well-suited to address the needs of international employees in the region.
SBI Remit and Shonan Shinkin Bank will utilize Ripple’s distributed ledger technology to provide convenient, low-cost, and quick money remittance services to overseas nationals in Japan.
Present and Future Establishments
This partnership represents another milestone in Ripple’s cooperation with SBI, which began in 2016. SBI Ripple Asia, a joint venture between the two companies, explores the use of XRP for global payments.
SBI recently showcased the usage of XRP for on-demand liquidity (ODL) remittances in Japan and the Philippines, significantly reducing transfer times. This achievement demonstrates Ripple’s technology’s potential to revolutionize the traditional remittance sector. SBI and Ripple aim to deliver faster and more cost-effective remittance services by utilizing XRP for cross-border transactions.
Hot Take: SBI Remit Expands its International Remittance Service in Japan
SBI Remit has partnered with Shonan Shinkin Bank to offer an international remittance service in Japan. This collaboration will cater to the growing demand for convenient and efficient money transfers for international employees in the country. Leveraging Ripple’s distributed ledger technology, SBI Remit and Shonan Shinkin Bank aim to provide low-cost and quick remittance services to overseas nationals. This partnership marks another milestone in Ripple’s cooperation with SBI, showcasing the potential of XRP for global payments. By utilizing XRP for cross-border transactions, SBI and Ripple aim to revolutionize the traditional remittance sector and benefit both foreign nationals in Japan and the global payments ecosystem.
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