SBI Remit Inc., which officially functions as the Ripple Partner made headlines on 16th December after announcing that its aggregate transmittals had bypassed the ¥800 billion mark. The transmittals department of SBI also made the same announcement through a blog post.
In the post, it noted that since SBI was launched 9 years ago, its overall user base has risen from 650,000 users to close to 2.73 million. This reflects the number of users on the platform by the end of last year. The increase in its customer numbers has, in turn, helped to drive the organization’s remittance market.
RippleNet and SBI Partnership
SBI had entered into a partnership agreement with RippleNet that would see the former make use of the cross-border money transmission services as well as the DLT provided by its partners. By using the services provided by RippleNet, SBI would now be better placed to narrow the divide between Vietnam and Japan.
As of 4th November 2019, Tien Phong Commercial Joint Stock Bank and SBI were in a tie. The partnership also served as a first for Ripple as its technology was used to infiltrate a new nation-state. Nguyen Hung, the TP Bank CEO at the time stated that:
“SBI AND TPBANK ARE WORKING TOGETHER TO TRY AND APPLY THE BLOCKCHAIN PLATFORM TO UNIVERSAL TRANSACTIONS.”
“WITH ITS DECENTRALIZED, TRANSPARENT, AND FLEXIBLE NATURE, BLOCKCHAIN WAS BETTER PLACED TO HELP IN ENHANCING TRANSACTION NETWORKS.”
Ripple and SBI had begun a combined undertaking that they referred to as ‘SBI Ripple Asia’ that they hoped would assist them to strengthen their new partnership. The undertaking was intended to see the two companies start to offer a payment platform to money transfer companies supported by the Distributed Ledger Technology.