SBI Holdings: Ripple should seek to partner with multinational companies in supply chain

SBI Holdings is one of Ripple’s biggest partners and has now proposed a new way to accelerate Ripple‘s growth exponentially. As part of the joint venture between SBI Holdings and Ripple, SBI Ripple Asia, both companies have so far provided financial institutions and remittance providers in Asia with an XRP based payment platform called MoneyTap. The service is intended to be used by 61 Japanese banks, representing more than 80% of total Japanese bank assets.

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SBI Holdings proposed Ripple partner with multinational companies to financial institutions

During an SBI Group conference call, Yoshitaka Kitao, CEO of SBI Holdings, has now suggested that Ripple should not only aim to partner with financial institutions.

Instead, he suggested that:

“Ripple could also drive other multinational companies in the supply chain with its technology.”

The CEO said that his lawyers would attend Ripple’s next executive committee and asked them to promote new partnerships with multinational corporations like Big Shosha, a Japanese trading company.

Kitao stated:

“By adding multinational companies to the Ripple network and not just financial institutions we can expect [the number of cross-border payments] to grow exponentially.”

Kitao thinks having transparency and traceability, which Ripple offers, will be more important in the future.

“You will have to operate multiple supply chains with some flexibility and think about which countries are better equipped to deal with a pandemic. Also, you need to figure out which countries make information freely available and cooperate with others around the world…”

The company continues to build on Ripple

In the presentation of the financial results of SBI Holdings, the company also pointed out that the cooperation with Ripple will be further expanded within the scope of the SBI Remit project to simplify cross-border payments:

“Beginning the provision of an international wire transfer service by SBI Remit to provide a highly convenient international wire transfer service using Ripple, Inc.’s Distributed Ledger technology for foreign residents in the prefecture.”

However, in January 2019, SBI Holdings also entered into a partnership with Ripple’s competitor R3 Corda. The financial services giant and R3 blockchain consortium have formed a joint venture to promote the adoption of R3’s Corda platform in Japan and beyond. In this regard, the financial results’ presentation stated that SBI is well-positioned to become through the two collaborations with R3 Corda and Ripple:

“The SBI Group can be the de facto next-generation standard through the intensified cooperation with the US companies R3 and Ripple in the context of investments and joint venture formations.”

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