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- Ripple partner, SBI Remit Co. Ltd, since its inception in 2010, had recently completed transactions worth 1 trillion yen.
- SBI Remit has catered to a lot of citizens and foreign nationals living in Japan in completing international transfers.
- To enhance the international payment processes, SBI Ripple Asia formed in 2016 with a paid-up capital of 350 million yen.
International remittances taking place from Japan stood at an average of $1634.47 million from 1996 to 2018. The world average, meanwhile, stood at $3051.58 million for 142 countries during the same period. Hence, the advancement of financial technology was more prevalent in Japan that has led to the incorporation of Distributed Ledger Technology. With DLT as its ultimate goal, Ripple partner, SBI Remit Co. Ltd, since its inception in 2010, had recently completed transactions worth 1 trillion yen.
Growth of International Residents Propels SBI Remit’s Remittance Business
International residents increased to 2.93 million towards the end of last year. Keeping the current pandemic situation aside, the globalization trends are bound to play their hand in the increased business of remittance within the country. SBI Remit has catered to a lot of citizens and foreign nationals living in Japan in completing international transfers.
To enhance the international payment processes, SBI Ripple Asia formed in 2016 with a paid-up capital of 350 million yen. It is a partnership between Ripple and SBI holdings, where the latter holds a 60% equity stake. The growth of international payments, combined with the use of RippleNet by SBI, will complete the transactions faster.
The use of DLT will enhance security measures and improve transparency in the process. Remittance with blockchain technology as the base of payments will disrupt the fintech industry altogether. At the point of writing, SBI Remit allows senders to remit payments across 350,000 locations covering approximately 220 countries around the globe.
Collaboration for a new remittance corridor
A new partnership with Michinoku Bank will help foreigners from the Philippines and China residing in Japan to remit payments through a new corridor. To take advantage of Ripple’s payment solutions, SBI Remit focuses on using Michinoku Bank’s branches for a tailored service to its remitters.
The bank operates 94 branches in Aomori that have helped them strengthen their roots within the country. The establishment of a new corridor will provide superior convenience money transfer services to increase its customer base.
