Bitcoin
$39,682.05+2.25%
Ethereum
$2,164.12+2.74%
Binance Coin
$224.82-0.60%
XRP
$0.62724868+2.12%
Solana
$63.33+1.34%
Cardano
$0.39296853+0.78%
Dogecoin
$0.08449768+0.09%
Tron
$0.11129996+3.05%
Chainlink
$16.02+1.46%
Toncoin
$2.39-2.92%
Avalanche
$21.87-0.49%
Polygon
$0.80737296-0.33%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Markets

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.

By Jamie Crawley
AccessTimeIconMay 7, 2021 at 1:43 p.m. UTC
Updated Sep 14, 2021 at 12:52 p.m. UTC
Phnom Penh, Cambodia

Phnom Penh, Cambodia

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

See also: Ripple Acquires 40% Stake in Asia Remittance Payments Firm Tranglo

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.