The recently announced SBI Remit Fukushima Bank partnership will certainly be a huge positive for RippleNet’s expansion plans. The new partnership will see the Japanese banking giant, Fukushima Bank, oversee the entire international remittance services of SBI Remit.
It is interesting to note that RippleNet SBI Remit has been eyeing massive expansion plans, especially in the Asian region. Its prime focus is to increase its remittance network and enter more countries where migrants suffer from high remittance costs. The company offers super-fast, efficient, and secure remittance solutions at low fees.
SBI Remit Fukushima Bank partnership to target Asian economies
Built on RippleNet’s distributed ledger technology, SBI Remit says that it is looking to integrate new technologies in its fold. The Ripple MoneyTap is one such innovative solution. The firm states that innovative marketing and technical prowess will help it expand its secure remittances network. The current Ripple-powered remittance service for Thai migrants in Japan offers instantaneous remittance payments helping families avoid high transaction costs.
As more migrant families feel the burden of increasing remittance costs, people look for alternative solutions. RippleNet not only streamlines remittance flows using secure DLT and blockchain-powered payments, but it is also easy on the pocket. New collaborations, such as the SBI Remit Fukushima Bank partnership, help open up new opportunities, unlock more revenue potential, and achieve a more coherent remittance experience for the customers. Nobus Ando of SBI Remit says that recently company offered XRP benefits to its shareholders.
Aging remittance networks offer growth opportunities
The age-old remittance networks are crumbling due to increasing remittance inflows and high operating costs. Such a situation presents an opportunity for modern technologies to take over. The Fukushima region in Japan is home to around ten thousand migrant workers from Southeast Asian counties, including China and Vietnam. The remittance network here faces technological laggard due to aging banking services.
SBI Remit Fukushima Bank partnership will tap into this void. By providing secure new channels for instant money transfer, the collaboration will work to ensure the hard-earned money of migrants reaches their families back home. The alliance will reduce the red-tape and even contribute to bilateral ties amongst nations.
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