Japanese financial giant SBI Group partners with a major Japanese bank to set up an international remittance service based on RippleNet
In a press-release published today, SBI Remit, a subsidiary of SBI FinTech Solutions, which is part of the SBI Group and a major Ripple partner in Japan, has announced that it will be collaborating with major Japanese bank Hamamatsu Iwata Bank to build a RippleNet-based international remittance platform.
Ripple ledger adoption expands in Japan
The press-release mentions regular annual increases of workers coming to the country from abroad, which are necessary for Japan’s economy due to the fact that the local population is aging and the birth rate is dropping.
Therefore, the needs of these workers for using fast and cheap international remittances are growing and they must be covered.
SBI Remit uses Ripple’s remittance network RippleNet that allows the participants to send money fast and at a low cost without prefunding on the other end.
Hamamatsu Iwata Credit Bank already runs an international remittance platform and now SBI Remit will join it in order to support its expansion to overseas markets and set up new sales channels.
Ripple hires an ex-Mastercard top exec to expand in Europe
As reported by U.Today earlier on Wednesday, the crypto decacorn Ripple has hired Sendi Young as Managing Director of its European operations.
Previously, Young had been in charge of business development strategies in Mastercard and helped this fintech behemoth to expand via new partnerships, helping banks to switch to real-time payments.
However, she is convinced that the future of the fintech industry lies with blockchain and crypto. She believes that banks are slowing down seamless value exchange across borders and they do not favor global financial inclusion.