Saturday, June 19, 2021
Home Crypto News Market Ripplenet Will Be Used By SBI Ripple Asia For Cambodia-Vietnam Remittance Service

Ripplenet Will Be Used By SBI Ripple Asia For Cambodia-Vietnam Remittance Service

- Advertisement -

SBI Ripple Asia and SBI LY HOUR BANK PLC have obtained the necessary license from the Central Bank of Cambodia for money transfers using RippleNet.

RippleNet will facilitate faster, cheaper and more convenient money transfers between Cambodia and Vietnam.


SBI Ripple Asia Co., a joint venture between SBI Holdings and Ripple established back in 2016, is expanding its presence in Asia, according to the latest statement.

Announcement: http://www.sbigroup.co.jp/news/2021/0507_12447.html

The company said that in cooperation with SBI LY Hour Bank, it will be able to provide Cambodia’s first international money transfer service using blockchain. The Company also confirmed that after successful trials, it has received the approval from the Central Bank of Cambodia.

Using RippleNet, the new partnership will facilitate faster, safer, and more convenient transfers of funds in the region. According to the announcement, RippleNet will offer very convenient real-time services with the lowest fees for international money transfers between Cambodia and Vietnam. In the past, Money transfer between these countries was a slow and expensive process that took two to three days.

RippleNet is a global payment network created by Ripple that allows institutions to offer companies and their customers fast, cheap and reliable payment solutions using blockchain technology and the XRP cryptocurrency.

SBI LY HOUR bank is a new bank that has achieved great success in the region. Having started as microfinance in 2012, the bank was granted a commercial banking license by the National Bank of Cambodia in March 2020. A year after its licensing, it enters into a partnership with financial services giants SBI Holdings to offer financial solutions for the region.

SBI LY HOUR Bank CEO Surng Ut said:

To have such low-cost real-time money transfers, the new service brings huge benefits to the people of Cambodia. Customers will be able to transfer money quickly through our banks. This connection allows customers who have an account on Bakong-a mobile payment system initiated by the National Bank of Cambodia-to instantly transfer funds to their account.

SBI Holding has already entered into a distributed ledger technology (DLT) agreement with commercial joint-stock bank Tien Phong (TP Bank), which will facilitate money transfers to Vietnam. The financial giant became a partner of the Vietnamese bank in August 2009 and currently owns 19.9% of the shares.

- Advertisement -
Jakkkhttps://thecryptobasic.com/
Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade, and write on cryptocurrencies. My basic aim is to provide genuine information to cryptocurrencies readers because crypto is filled with frauds and scams. True information is very rare to get. So I will be providing accurate information about cryptocurrencies topics, that users can trust.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Report: Bitcoin Whales Holdings Are Rising As BTC Whales Are Buying The Dip And Not Selling

Santiment on-chain data analytic firm reports that Bitcoin whales are still buying the dip and not selling their BTC holdings. They are taking advantage...

Weiss Ratings Shows Cardano, Polkadot, Cosmos, Atom, And Fantom Technologies Are Superior Than Ethereum

Global ranking firm Weiss has released a report showing five altcoin with technology superior to the world's second-largest coin, Ethereum. ...

In A Recent 5 Hour Interview With Lex Fridman, Charles Hoskinson Said Cardano Is Far Better Than Bitcoin And Ethereum

In a latest interview with well-known You tuber Lex Fridman (Video Below With Timeline) Charles Hoskinson said that Cardano (ADA) is better than Bitcoin,...

Grayscale Assets Under Consideration List Move To A Total Of 31, Adding 13 New Coins Today

Grayscale seeks to increase its assets under management with the asset manager taking a key interest in DeFi focused crypto-assets according to the latest...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

follow us in feedly