Tohoku Bank, a regional bank in Japan, is partnering with SBI Remit to improve how its customers send money internationally.
This partnership began on Wednesday at a time when many Japanese banks are reducing or stopping their international money transfer services.
Eschewing regulatory headwinds
As a crypto investor, I’ve noticed traditional banks are really pulling back from handling international money transfers. It seems like the paperwork and costs are just becoming too much for them, so they’re starting to avoid it. This is a big part of why I got into crypto – it offers a much simpler way to send money across borders.
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This is mainly driven by compliance costs and system upgrades.
Tohoku Bank is partnering with SBI Remit to continue offering its customers international payment services. This agreement will allow Tohoku Bank customers to send money abroad seamlessly.
For nearly ten years, SBI Remit has been leveraging Ripple’s technology (RippleNet) to make international payments easier.
The company was one of the first to use the XRP token for sending money internationally in Japan, launching its initial service in July 2021.
A demographic change
Iwate Prefecture in Japan, home to Tohoku Bank, is facing significant worker shortages. As a result, the area is increasingly depending on foreign workers to keep its businesses running.
Over the past decade, the foreign resident population has doubled across many local municipalities.
Notably, it has surged by 3.6 times in the corporate hub of Kitakami City alone.
The ability to reliably send wages back to home countries has become a critical regional issue.
This partnership allows customers in the region to avoid the slow process of traditional bank transfers. They can now send money any time of day or night using a mobile app. The service works in over 200 countries and offers various ways to receive funds, such as direct deposits to bank accounts or cash pickup locations.
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2026-05-20 18:45