SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, has introduced Cambodia’s first international remittance service that uses blockchain rails.
- 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.