Ripple Insights: ASEAN Foreign Workers Improve Their Lives via Blockchain Technology
- Thai workers living and working abroad can now send payments in a fast and easy way
- Ripple is changing the way in which cross border payments are processed around the world
Blockchain technology continues to expand and offer services all over the world. This is the case of what the Association of Southeast Asian Nations (ASEAN) is currently experiencing. Cross border payments could be improved in the region and Ripple is being a pioneer in the field. According to Ripple, they are already working with partners such as SBI Remit, CIMB Group, Siam Commercial Bank, Mitsubishi Corporation and Standard Chartered and many others.
Ripple Becomes The Leader For Cross Border Payments In Asia
ASEAN countries present a need and an opportunity. There are large and connected populations across different countries, but they have a very costly networks to send and receive funds. Indeed, they have one of the most expensive remittance networks. This is why they also try to innovate and search for a solution.
Ripple wrote about Siriwat Jongjairak, one of the 45,000 workers that were born in Thailand that are currently living abroad, specifically in Japan. He moved to Hiroshima and he is working as a translator for Cooperative Agencies, as a translator for a factory and as a Japanese tutor in a language school. With these jobs he has, he sends back to Thailand some funds that his mother uses to keep her life in the country.
However, there are some issues with these transfers. They are very expensive to be performed. Indeed, a Thai worker living abroad might need several trips to a bank in order to complete a single transfer. An additional 12 hours are needed in order to afford the transfer fee. He also wants his mother to receive the funds as fast as possible rather than waiting several days for the money to be there.
Another individual that moved to Japan from Thailand is Sucharinee Pinchaikhiaw. She spends working in the fields and sends back money to Thailand to help her family deal with a difficult life in her country. This is also a story in which the protagonist is affected by the remittance process, which is not easy at all.
Ripple’s technology can be used to improve the lives of these individuals and how they deal with their transfers to their home country. Is not an easy task, but Ripple is working for payments to flow between SBI Remit and Siam Commercial Bank. Workers are now experiencing faster, more transparent and also affordable transfers.
Ripple wrote about it:
“In the coming year, Ripple resolves to work closely with our partners and RippleNet customers around the world to deliver even faster-paced change and more meaningful innovation for their customers in the ASEAN region and beyond.”