SBI Remit, which is a Japanese company that provides remittance services, has entered into a collaboration with BitPesa, with aims to take advantage of blockchain innovations to enhance effectiveness and interoperability for international transactions between Africa and Asia. The cooperation will also improve the speed of business scale growth between the two continents.
The collaboration simplifies the process of fund depositing for African clients, who can now use their local fiat currencies to put them right into the local bank account of BitPesa. There is no need for conversion procedures, as the fees offered by BitPesa are significantly lower than transfer fees of the majority of the banks. Additionally, the transfer takes place at a much greater speed than most of the banks, which can take up to two weeks to process the entire transaction amount.
BitPesa and SBI Remit aim to concentrate on specific industries, namely Japanese cosmetics, electronics and used vehicles. For instance, Japanese vehicle sellers will have the ability to enhance their settlement operations and shorten the forex dangers between the exporters of Japan and customers of Africa. Moreover, the merchant collection solution, offered by BitPesa, will facilitate an easier market expansion for such dealers.