SBI Bank has Sent Over 500 Billion Yen in Overseas Remittance with Ripple Partnership
SBI Cross 500 Billion Yen in Overseas Remittance Thanks to their Partnership with Ripple
Japan’s Strategic Business Investor Group (SBI) announced on the 5th of September 2018, that their cumulative overseas remittance had surpassed 500 billion Yen. The company has attributed this high remittance to their Partner Ripple.
In a statement they released the same day, SBI said that remitting money using Ripple’s distributed ledger technology is extremely easy, cost effective in terms of speed and economical. This idea began with The Siam Commercial Bank Public Company Limited which is a significant commercial bank in Thailand. This process began in 2017.
In December 2010, SBI expanded its business and services to reach out to its foreign clients. They did this while at the same time noting the increase of foreign residents into the country thanks to globalization. According to the company, their statistics indicate that there are more than 2.66 million foreign residents living in Japan at the moment.
SBI predicts that as Japan continues allowing more foreign workers to move into the country, this number is likely going to shoot up more. According to the company’s records, it is now serving more than 450.000 clients, of whom 90% are from other countries.
In a bid to understand the demographics of their clients, SBI has noticed that most of the banks’ transfers originate from other parts of Asia including China, the Philippines, Nepal and Vietnam. Other countries that have just joined the earlier mentioned one include Myanmar, Indonesia and Cambodia. These countries have also tied up with SBI to receive its overseas transfer services.
SBI joined the crypto industry just recently in June using its own SBI Virtual Currencies platform. During the launching of that event, the company also aired XRP tokens. Since the Chief Executive Officer (CEO) of SBI Yoshitaka Kitao officially launched the platform, the firm has significantly grown its relationship with Ripple.
The CEO said in a statement that XRP is cheaper, faster and can be scaled easily than all the other digital currencies and assets. He says that he strongly believes that XRP will become a global standard in online currencies.
In another statement issued by SBI regarding its future with Ripple, it said that the company hopes to further increase and expand remittance using the Ripple’s system.
In its concluding statement, SBI stated that it will continue offering remittance services and develop the services further. He said that they are focused on ensuring the needs and convenience of each customer and is also working on introducing new financial technologies.