Ripple, R3 and SBI Group Look to Revolutionize the Remittance Crypto Payment Processing Sector
SBI Group has made its home in Japan as it has become one of the biggest financial services companies in the world. They have continually made investments in multiple sectors, like biotechnology, life science, energy, environment, information technology, and mobile/wireless. They have been able to establish collaborations with many companies, like Ripple, R3, and others.
Even though the decision to collaborate in these partnerships seems a little scattered and random, the work to connect these different entities is paving the way for much bigger progress than just for SBI. Ripple has established partnerships with over 200 companies around the world, using their products like xVia, xRapid, and xCurrent to make payments faster and more secure than what the traditional financial world offers.
With Ripple’s work, SBI Group partnered up to create SBI Ripple Asia Co., Ltd. to support providers of remittance services and financial institutions. One of the most substantial parts of the partnership to be established is MoneyTap. MoneyTap uses the xCurrent DLT technology as a way to make it possible for inter-day banking transfers to take place in Japan, where the service will be available 24/7.
Yoshitaka Kitao, the CEO of SBI Group, has maintained a positive and bullish stance on how XRP will be used within the Japanese economy, saying,
“XRP is faster, cheaper and more scalable than any other digital asset. I strongly believe it will become the global standard in digital currencies.”
R3 is a software company that focuses on blockchain technology, and their partnership with SBI Holdings let to SBI R3 Japan Co. Ltd., which was just established on January 28th. It features a group of 250 banks and other institutions, working on research and development. Much of R3’s work has centered around a blockchain project called Corda, which recently went live and is using XRP as the settlement currently.
With the two partnerships, SBI Holdings recently stated,
“R3-Ripple solution: Become a global standard for financial operations such as international money transfers and trade finance.”
Ultimately, SBI hopes to change traditional financial systems, while also working in real estate, supply chain, healthcare, and other industries. If XRP enters one of those markets, the price and the function of XRP.