SBI Remit partners with major Japanese bank to provide Nearly 14,000 ATMs

SBI Remit partners with Lawson Bank

January 14, 2021

Reading Time: 2 minutes

SBI Holdings, the parent company of SBI Remit, recently posted an article announcing its alliance with Lawson Bank. Lawson Bank is one of Japan’s major banks. SBI Remit customers can now use Lawson Bank’s ATMs for money transfers between Japan and other countries.

SBI Remit broke into Japan’s financial sector to provide customers with fast and low-cost international money transfers. It is currently the largest global remittance provider running on RippleNet in the country. The collaboration with Lawson Bank will extend the success of the company in Japan.

How is this convenient for customers?

The move creates considerable conveniences for SBI Remit users in Japan. First, Lawson Bank has nearly 14,000 cash machines spread throughout the country. With this extensive ATM network, customers can now access the SBI Remit card services in different locations in the country.

Customers will use the “Remit Card” that SBI Remit recently introduced in the ATMs. The service allows international money transfers to 220 countries around the world in just 10 minutes. Moreover, Lawson Bank’s convenience stores are for 24 hours every day. Thus, money transfers are available all year, including weekends and public holidays.

That is not all the only benefits of this new association of SBI Remit and Lawson Bank. The partnership is also making it possible for customers to access the services without a bank account. The money transfers are dispatched to or from a local branch of SBI Remit.

Is SEC’s Lawsuit Against Ripple a Concern?

Some customers may wonder whether Ripple’s legal troubles, SBI Holdings’ major partner, will affect its operation. SBI Holding holds the opinion that the impact of the lawsuit will be minimal on its business. Its total investment in Ripple is 8.76 percent.

SBI Remit’s business model does not solely rely on Ripple but also uses other companies such as MoneyGram and XRP, to facilitate global money transfers. The other two will ensure continuity of operation.

Additionally, with a new crypto-friendly chief of the US Securities and Exchange Commission, Ripple is hopeful of cooperation in the company’s favor.

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