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Ripple’s partnership helps Japanese banking giant SBI cross 500 Billion Yen in overseas remittance

Anvita M V



Ripple's partnership helps Japanese banking giant SBI cross 500 Billion Yen in overseas remittance
Source: Unsplash

On 5th September, Japan’s Strategic Business Investor group, also commonly known as “SBI Holdings” issued a press release stating that their cumulative remittance handling overseas has overshot 500 billion Yen. The company has given credit to its remittance partner Ripple for its profits.

SBI stated in the release:

“Remittance using Ripple’s distributed ledger technology, which began with The Siam Commercial Bank Public Company Limited, a major commercial bank in Thailand in June 2017, is extremely superior in terms of cost-effective speed and economy The use of customers has increased remarkably.”

SBI extended its services in late December 2010 as a mission to cater their services to its foreign residents while predicting the increase in foreign residents in the country due to globalization at the time. Statistics reveal that, at present, the number of foreign residents residing in Japan has recorded a high of 2.66 million, the company stated.

In the wake of the Japanese government accepting foreign workers in the country, the number will shoot up more, the company believes. They also revealed that it now houses about 450,000 members in its financial services, out of which, 90% are foreign nationals.

Assessing the origins of the people, the institution has identified that most of the banks’ remittance comes from other parts of Asia, including the Philippines, China, Vietnam, and Nepal. Most recently, people from Indonesia, Myanmar, and Cambodia have tied up with SBI to avail its overseas remittance services.

The company entered into crypto space in June through its very own SBI Virtual Currencies platform. The exchange also aired XRP tokens at the launch event. The platform was officially launched by its President and CEO Yoshitaka Kitao. Since then, the company has furthered its partnership with Ripple.

Yoshitaka Kitao stated:

“XRP is faster, cheaper and more scalable than any other digital asset. I strongly believe it will become the global standard in digital currencies.”

Regarding its future with Ripple, SBI stated:

“In the future, we plan to further expand the remittance channel using Ripple’s platform.”

The company concluded its statement by saying that it will continue to develop remittance services for its customers keeping in mind convenience and needs of customers in all seriousness and also incorporating new financial technology.

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Anvita Mysore Vadiraj is a full-time content writer at AMBCrypto. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies.



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