Ripple’s Remittance Service Helps SBI Transfer 500 Billion Yen In Overseas
The Strategic Business Investor group (SBI Holdings) based in Japan has today issued out a Press Release in the name of a 500 billion Yen overshot made by its cumulative remittance handling in the overseas, crowning its remittance partner Ripple with much recognition for the achievement.
The company gave Ripple great applaud in the release stating that the distributed ledger technology offered by the blockchain technology for remittance service is undoubtedly superior based on the cost-effectiveness and speed its displays.
The usage of Ripple settlement service which arose with a primary commercial bank in Thailand, Siam Commercial Bank Public Company Limited in 2007 has seen a remarkable growth since then.
While statistic revealed that the present population of foreigners in Japan has been upped to 2.66 million, SBI had since envisage the growth, and this made the company extend its services in December 2010 with the aim of satisfying the forecasted high population.
With expectation for more growth in the number of foreign residents in the country due to the introduction foreign workers into the country by the government, SBI stated that of the 450,000 members in its financial services, 90% are immigrants and it working to satisfy users beyond them.
SBI, through an assessment disclosed that most banks’ remittance originates from other parts of Asia which include China, Vietnam, Philippines and Nepal, among others. While at the same time, companies in Myanmar, Cambodia and Indonesia have also teamed up with SBI to enjoy its remittance services.
Edging into Cryptocurrency in July through SBI Virtual Currencies platform which introduced XRP tokens at its launch, SBI has since then intensified its relationship with Ripple.
The president and CEO of the exchange platform, Yoshitaka Kitao, eulogized XRP stating that the currency is cheaper, faster and more scalable that any known digital currency in the space.
Yoshitaka added that he has much believe in the assets and hopes that soon, it will become a global standard in digital currencies.
With great optimism, SBI aired that the future will be tremendous with Ripple as its plans to expand remittance channel with the technology for the convenience and need of its customers.