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SBI Group partners with Hamamatsu Iwata Bank to build a RippleNet-based international remittance platform

In a press release, SBI Remit announced that it will partner with major Japanese bank Hamamatsu Iwata Bank to build a RippleNet-based international Remittance platform.

sbi-group-partners-with-hamamatsu-iwata-bank-to-build-a-ripplenet-based-international-remittance-platform

Source: SBI Group

SBI Group and Hamamatsu Iwata Bank pick RippleNet for international remittance

Japan’s SBI has been a longtime, reputable partner of Ripple since 2016. Meanwhile, SBI Remit is a subsidiary of SBI FinTech Solutions, which is part of the SBI Group.

The press release mentioned the regular annual increase of workers from abroad to the country, which is essential for the Japanese economy due to the aging local population and declining birth rate. Therefore, the demand for fast and cheap international remittance of these workers is increasing and they must be covered.

SBI Remit utilizes Ripple’s RippleNet remittance network, allowing participants to send funds quickly and at a low cost with no prior payback on the other end.

The official statement noted:

“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.”

Hamamatsu Iwata Credit Bank already runs an international remittance platform and now SBI Remit will join it to support its overseas expansion and establishment of new sales channels.

As AZCoin News reported, Ripple has hired Sendi Young as the CEO of its European operations. Prior to that, Young was in charge of business development strategy within Mastercard and helped the fintech giant expand through new partnerships, helping banks transition to real-time payments.

However, she believes that the future of the fintech industry lies in blockchain and cryptocurrency. She believes that banks are slowing the seamless exchange of value across borders and they are not in favor of global financial inclusion.

SBI Holdings proposes NFTs token for XRP Ledger in the tokenization of a variety of assets

In a report titled “Current Management Information Briefing”, SBI Holdings thinks non-fungible tokens (NFTs) could be a good opportunity for the XRP Ledger (XRPL). In addition, SBI outlined reasons why they believe XRP could be a good choice for NFT usage.

In the “Building a More Sustainable, Scalable, and Accessible Future for NFTs with XRPL” section, SBI said that XRP has extremely low transaction fees, instant transaction processing speed with low environmental impact because XRP does not depend on mining. This makes it an attractive option.

“The blockchain XRP Ledger has the ability to tokenize not only XRP but also a variety of other assets,” the company said in its report.

It seems that SBI is particularly fond of NFTs tokens. In May, SBI Ripple Asia introduced Cambodia’s first international money transfer service using blockchain rails. In its report, the company also mentioned NFT as a use case in the art world, highlighting the successful execution of Beeple’s record-breaking $69 million sales in March.

Even so, the focus of SBI is still on the tokenization aspect. “Achieving impact at scale across so many asset types will require the interaction of different blockchains and existing Internet and financial infrastructures,” SBI said.

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