Cambodia Bank SBI LY HOUR Launches Cross-border Payment Solution Using RippleNetMay 11, 2021
Cambodian bank SBI LY HOUR Bank has launched the first blockchain-based remittance services between Cambodia and Vietnam. This solution is expected to improve cross-border transactions between the two countries.
Blockchain transfer via RippleNet
The development was revealed by local news outlet phonmpenhpost on Monday, May 10. According to the report, the new blockchain solution will be powered by RippleNet.
The deployment of RippleNet is part of the partnership with TPBank, which SBI holding has a considerable investment. This remittance solution will enable customers to make real-time and low-cost money transfers from Cambodia to Vietnam.
The solution is integrated with Bakong, the payment system initiated by the National Bank of Cambodia. Thus customers can make instant transfers from their accounts directly to the RippleNet solution.
Before its deployment, cross-border payments took between 2-3 days before arriving at their destination. The Ripplenet solution is an innovative one for customers in Cambodia since it enables instant cross-border payment settlements.
Speaking on the development, SBI LY HOUR Bank CEO Soeurng Uth stated that the solution would offer convenient cross-border transfers.
“SBI LY HOUR Bank is happy to co-operate with TPBank, which SBI Holdings has invested in. To have such real-time and low-cost money transfers absolutely benefits the Cambodian people. Customers will be able to quickly transfer out via our bank partnerships.”
SBI Ripple Asia CEO0 Adam Traidman was of similar sentiments and stated that the Cambodia market was a major part of RippleNet expansion plans. “The booming Cambodian economy is one of the most attractive markets around the world. SBI LY HOUR Bank has achieved steady business success. The adoption of new technologies will further differentiate the bank from its competitors. We will expand our collaboration to include digital assets based on remittance services in the future,”
RippleNet Ecosystem Continues to Expand
Currently, over 80 institutions are using RippleNet solutions, and the list continues to grow. In April, BTCManager revealed that the Novatti Group joined the RippleNet ODL service. RippleNet has become the go-to blockchain payment network for banks and financial institutions that want quick and low-cost remittance solutions. The deployment of the RippleNet solution by SBI LY HOUR makes it the latest bank to join the blockchain payment network.
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