SBI Remit which is a subsidiary of Japanese banking giant SBI Holdings announced a new partnership with Hamamatsu Iwata Credit Bank. Part of the collaboration, SBI will use Ripplenet technology for international remittance services starting July 12.
Hamamatsu Iwata Credit Bank operates in areas with high migratory populations, especially from Brazil. Thus with this cooperation will help bank customers to send money to other destinations with very low transaction costs.
SBI in one of the official statements said that their mission is to provide financial services that focus on remittances to outsiders. To realize that, Ripple ledger technology will be used as it has features such as low cost and fast transactions.
SBI Holdings is one of the key strategic partners for Ripple in the Asia Pacific region, having been using Ripple’s XRP On-Demand Liquidity (ODL) Ripple for several years.
Japan’s foreign population has increased to 2.88 million by June 2020, 60% of whom belong to the working class. The increasing number of foreign workers in the country requires adequate remittance infrastructure. Ripple XRP ODL is one of the top options for sending money overseas.
The collaboration between SBI Remit and Hamamatsu Iwata bank could pave the way for XRP ODL integration in Brazil as well. While Ripple still has issues with the SEC, SBI remains to show support and make Ripple’s technology capable of offering a solution to the problem of remittances.
