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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.
SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, has introduced Cambodia's first international remittance service that uses blockchain rails.
STORY CONTINUES BELOW
- 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
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
