A press release published today suggests that SBI Remit, a subsidiary of SBI Fintech Solutions, a part of the SBI Group and a major Ripple holding partner in Japan, announced a joint venture with Hamamatsu Iwata Bank, a leading Japanese bank. They are planning to make an international remittance platform based on RippleNet.
The number of workers coming to the country from abroad is steadily increasing, according to a press release, which is essential for the Japanese economy as the local population ages and the birth rate is decreasing continuously.
Therefore, the demand for these workers to use international payments faster and cheaper is growing and thus they are required to be protected.
RippleNet will be using the SBI Remote Ripple’s payment network, which allows participants to send money quickly and cheaply without having to pay in advance.
SBI in its official statement said that,
Our mission is to provide financial services centered on remittances to foreign residents, and we use Ripple’s distributed ledger technology, which is characterized by speed of deposit and low fees.
SBI Holdings is one of the key strategic partners for Ripple in the Asia Pacific region, which has been using Ripple’s XRP On-Demand Liquidity (ODL) for a few years now.
Hamamatsu Iwata Credit Bank already operates an international payment platform that will now join SBI Remit to expand into overseas markets and establish new sales avenues in the upcoming time.
Crypto decacorn has appointed Sendi Young as Managing Director for its European Operations.
Previously, Young was responsible for business development strategies at MasterCard and assisted the Fintech behemoth to expand through various new partnerships and convert banks to facilitate direct payments.
However, they believe that the future of the fintech industry lies in blockchain and crypto. They believe that banks across borders are slowing down the barrier-free exchange and that they are not conducive to global financial inclusion.