SBI Ripple & Banks in Japan, South Korea Testing Blockchain Payment System
A joint venture between Japanese institution, SBI Holdings as well as FinTech, San Francisco-based tech startup Ripple, the team is preparing to allow cross-border payments via SBI Ripple Asia. The cross-border payments will be tested between Japan and South Korea as well as larger global markets.
Souther Korean financial technology firm, DAYLI Intelligence will also partner to provide blockchain solutions and artificial intelligence framework. This will allow the platform to be built efficiently.
“South Korea is one of the most active markets worldwide when it comes to blockchain innovation and trading of digital assets. With trade flows into and out of the country totaling $960 billion every year, we also see a high end growing demand for Ripple’s frictionless payments solution in the country,” said Takashi Okita, the chief executive of SBI Ripple Asia.
Last year, SBI Ripple Asia was created to target the increased demand for cross border payments in Asia. There was a specific focus on ASEAN nations. These include Japan, Taiwan, South Korea, and China.
A banking consortium that includes the three largest banks in Japan, finished a money transfer plot program for domestic money transfers. The pilot utilized could payment platforms that were powered by Ripple.
In recent months, Ripple has had success in powering nearly instant transactions for international retail bank transfers within the region. Thailand’s Siam Commercial Bank as well as Japan’s SBI Remit got together to launch their own blockchain technology based payment channel between the two countries.