RippleNet to Make it Easier for Thai Workers to Send Money Home

Remittance payments are part of many foreign workers' daily lives; however, traditional systems can be slow and costly.

In Japan, there are approximately 45,000 Thai employees working around the clock to send money home to their families-and Ripple's solution RippleNet is aiming to make the process easier.

RippleNet, a decentralized global network for banks and payment providers, teamed up with SBI Remit and the Siam Commerical Bank to allow real-time remittance payments, enabling Thai workers to send money home in minutes as opposed to days.

An article published in 2004 noted the importance of remittance payments for foreign workers in Japan.

Some workers are forced to work an additional 12 hours to afford the fee.

These methods are both slow and expensive, causing an unnecessary challenge for migrant workers who have left their home countries to earn a decent wage.

RippleNet's collaboration with SBI Remit and Siam Commerical Bank will allow Thai workers living in Japan to send money home using real-time remittance payments.

Through the process, Thai workers can open an SBI Remit account online and link it to an account associated with Siam Commerical Bank.

Essentially, the Japanese yen deposited in Japan using SBI Remit will be available to withdraw as the Thai baht in Thailand.

Payment solutions like this will allow foreign workers to send more of their hard-earned money home, where it is needed, rather than losing it in exorbitant fees.