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Top RippleNet Member SBI Remit and Daiko Bank to Improve International Payments in Japan

Tue, 12/15/2020 - 12:43
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Yuri Molchan
Major RIppleNet member affiliated with a top-tier Ripple partner in Japan, SBI, has partnered with Daiko Bank to improve instant payments between Japan and Thailand
Top RippleNet Member SBI Remit and Daiko Bank to Improve International Payments in Japan
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CEO of the SBI Group, Yoshitaka Kitao, has taken to Twitter to share the news of the company's subsidiary, SBI Remit, teaming up with Daiko Bank in Japan to conduct instant payments based on RippleNet.

Financial giant SBI is also a major partner of Ripple in Japan.

Image via Twitter

Remittances in Japan become more important than before

In his tweet, Yoshitaka Kitao shared a news article on the SBI Group website. The news states that SBI has signed a partnership agreement with Daiko Bank, also referred to as Hikari Bank, regarding the bank supporting international remittances conducted by SBI Remit.

The article explains the prerequisites of this partnership, saying that, every year, the amount of foreign workers in Japan grows. This is due to the fact that the local working population in Japan is gradually decreasing and the population overall is growing older, while birth rates are falling as well.

The number of foreign workers in Japan now constitutes around 60 percent of the workforce, and this amount is increasing. Foreigners send money back home to their families on a regular basis.

They are crucial to the Japanese economy, the article emphasizes. Besides, the number of Japanese companies expanding to foreign markets is also rising quickly, along with the amount of Japanese people abroad. At the moment, they total 1.41 million.

The company expects a rise in demand for cross-border payments soon due to the recent lockdowns caused by the pandemic that originated in China and by the accelerated transfer of the global economy into a digital format.

Ripple Partner SBI Wires 200 Million XRP from Its Recently Launched Lending Service

Payment network built by Ripple and expanded by MoneyGram

SBI Remit emphasized that it uses a network built by Ripple and then substantially expanded by its major partner, MoneyGram, which has 350,000 branches in 220 countries and is also connected with foreign financial institutions and banks.

SBI Remit primarily conducts remittances between Japan and Thailand.

SBI launches crypto lending service

As reported by U.Today last week, SBI, Ripple's major partner in Japan, had debuted a crypto lending service that works with such cryptocurrencies as Bitcoin, Ethereum and Ripple's XRP.

The service operates on the company's digital exchange, SBI VC Trade.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at