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

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.

“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

About SBI Remit

The largest money transfer provider in Japan
6W
Development time for going live on RippleNet

2K
Monthly transactions from Brazil to Europe

2014
MoneyNetint founded

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.