With the rise of the crypto and blockchain industry, the more traditional and often conservative banking systems have been forced to evolve or risk being left behind as the age of complete decentralization draws near.
As there has been a spike in demand for various facilities such as but not limited to cross-border payments (at a low-cost and in real-time), ease of access to crypto trading and investment opportunities, better scalability and security, and so on, it would indeed make sense for the aforementioned banking institutions to partner up with different blockchain firms such as Ripple.
Japan’s SBI has worked well with Ripple in the past and has been a long-standing partner ever since 2016. A subsidiary of SBI, SBI Remit, recently revealed a new collaboration with another prominent Japanese bank by the name of Hamamatsu Iwata. The whole idea behind this collaboration is to construct an international platform for remittances based on RippleNet.
To that end, the press release provided by SBI stated that the cumulative amount of workers who travel from various countries to come to Japan had witnessed a significant increase as of late. Therefore, in order to adequately provide for the international remittance requirements of the workers, the abovementioned partnership had been finalized and implemented.
As per the official statement, the goal here is to be able to offer all kinds of financial services centred around remittances to international residents and workers. To this end, the statement continued, Ripple’s DLT (Distributed Ledger Technology) shall be utilized due to its low fees as well as superior speed when it comes to deposits.
The previously mentioned Hamamatsu Iwata organization currently has a platform for international remittances. Thanks to this new collaboration, however, SBI Remit shall be assisting the bank in terms of its expansion to new waters and international markets. As SBI Remit already utilizes RippleNet, the decision for Hamamatsu to get involved was a no-brainer.
In related news, it does appear as if the Asian-Pacific area has been slowly transforming into the primary geographical region of focus for the blockchain company. Furthermore, Ripple’s ODL (On-Demand Liquidity) and the popularity surrounding it helps make it one of the better and more trusted options as far as the international transfer of funds may be concerned.