Ripple’s Tech Praised as the SBI Crosses the 500 Billion Yen Mark in Overseas Remittance - Coindoo
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Ripple’s Tech Praised as the SBI Crosses the 500 Billion Yen Mark in Overseas Remittance

Editorial Team Avatar
Sep 6, 2018
2 min reading time

Japan’s Strategic Business Investor group, SBI Holdings, has recently announced that its cumulative remittance handling overseas has just passed the 500 billion Yen mark, as reported by AMBCrypto.

The SBI didn’t hesitate to give credit for this great accomplishment to its new partner, Ripple. In the press release, the Japanese banking giant stated as follows:

“Remittance using Ripple’s distributed ledger technology, which began with The Siam Commercial Bank Public Company Limited, a major commercial bank in Thailand in June 2017, is extremely superior in terms of cost-effective speed and economy The use of customers has increased remarkably.”

SBI has since long been keeping an eye on the possibility of expanding its services to cater for foreign residents within the country. The change in question came in December 2010, when SBI extended its services, successfully predicting the increase in foreign resident numbers as a result of globalization.

Impressive statistics for SBI’s overseas remittance services

Meanwhile, the Japanese government displayed great leniency towards foreign workers which ultimately led to an even bigger increase in their numbers. According to various statistics, the SBI currently covers about 450,000 members with its financial services. The company believes that somewhere around 90% of these members are foreign nationals.

The SBI concluded that most of its remittance comes from outside Japan, from the Philippines, and countries such as China, Vietnam, Nepal, and more recently even from Indonesia, Myanmar, and Cambodia.

This advantageous situation is also related to SBI’s entrance in the crypto space back in June when it first announced its own SBI Virtual Currencies exchange. In the wake of its partnership with Ripple, SBI chose to air XRP tokens at the launch event.

SBI ended its statement by expressing its optimism when it comes to the future collaboration between it and Ripple. The company stated that it would continue to develop new and efficient remittance services, all while incorporating the latest financial technologies.

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