This article was first published on: Insights – Ripple --
Thanks to SBI Remit, Siam Commercial Bank (SCB) and Ripple, 45,000 Thai nationals living in Japan can send money home faster.
Remittance flows between Japan and Thailand have been steadily growing and currently make up roughly $250 million USD annually. Yet, the remittance infrastructure hasn’t kept up with customer needs. Funds transfers can take up to two days, fees average a whopping 5-7% for each transaction, and there is no visibility into when funds actually arrive.
SBI Remit and SCB turned this problem into an opportunity to add value to their customers while also creating a new revenue opportunity estimated at $10-15 million per year.
The rollout of the service begins today. It’s the first commercially-available remittance service powered by Ripple. Those who use SBI Remit in Japan can instantly send money in JPY to a recipient’s SCB savings account in Thailand and receive f...
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