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SBI Ripple Asia Launches Cambodia's First Cross-Border Remittance Service Using Blockchain
The service uses RippleNet to create a payments corridor between banks in Cambodia and Vietnam.
Updated Sep 14, 2021, 12:52 p.m. Published May 7, 2021, 1:43 p.m.
SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, has introduced Cambodia's first international remittance service that uses blockchain rails.
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- After testing with SBI LY HOUR Bank, a subsidiary of Japan-based SBI Holdings, the initiative was approved by the National Bank of Cambodia, according to an announcement Friday.
- SBI Ripple Asia already has a blockchain-based payments agreement with TP Bank in Vietnam.
- The two partnerships will deliver the money-transfer service using RippleNet, Ripple's distributed ledger-based payments network.
- The service is said to offer real-time payments with low fees.
- SBI Ripple Asia further said it will work with Ripple to offer such services for institutions in the U.S.
See also: Ripple Acquires 40% Stake in Asia Remittance Payments Firm Tranglo
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