SBI Remit Expands Ripple Partnership to Enhance International Remittances in Japan

SBI Remit, a longtime Ripple partner, has increased its presence in Japan. The parent firm of SBI Remit, SBI Group, revealed on Thursday that SBI Remit has teamed up with Japan’s Shonan Shinkin Bank to offer an international remittance service. 

This partnership between SBI Remit and Shonan Shinkin Bank aims to provide a convenient and efficient solution for international employees in Japan who need to transfer money abroad. By leveraging the expertise and network of both institutions, this service will help meet the growing demand for international remittances in the country. 

Establishment in the Kanagawa Prefecture

The most recent agreement between SBI Remit and Shonan Shinkin Bank, on the other hand, is focused on facilitating remittances sent by overseas employees. According to the official statement, there has been a significant increase in the need for foreign workers in the areas where Shonan Shinkin Bank does business, notably in the developed Kanagawa Prefecture region. 

Kanagawa Prefecture is Japan’s fourth-biggest area with foreign workers, with a record number of employees. The expanding number of firms opening in the region, as well as the acceptance demands of international employees, make Shonan Shinkin Bank’s relationship with SBI Remit suitable. 

SBI Remit and Shonan Shinkin Bank will collaborate on “the latest financial technologies, such as Ripple’s distributed ledger technology,” according to SBI Group’s release. By using the solution, the new partners will be able to deliver very convenient, low-cost, and quick money remittance services to overseas nationals in Japan.

Present and Future Establishments

Meanwhile, the current accomplishment represents another milestone in Ripple’s cooperation with SBI, which began in 2016. SBI Ripple Asia, an alliance that investigates the usage of XRP for global payments, was founded by both firms.

SBI recently demonstrated the usage of XRP for on-demand liquidity (ODL) remittances in Japan and the Philippines. Ripple’s method would substantially cut international transfer times from days to minutes.

This accomplishment is a big step in using Ripple’s technology to revolutionize the traditional remittance sector. SBI and Ripple want to deliver quicker and more cost-effective remittance services by employing XRP for cross-border transactions, benefiting both foreign nationals in Japan and the global payments ecosystem.