Blockchain startup Ripple has a strong presence in the Asian markets and has strong ties with Japanese financial giant SBI Holdings. Over the past two years, the two players have been operating together under the joint venture of SBI Ripple Asia, and building the “Internet of Value”, by merging the technology and expertise of both companies.
However, SBI Holdings has also entered a collaboration with US-based financial technology company R3 with the two operating under the common venture of SBI R3 Japan. The SVI Group is the largest shareholder in R3.
R3 has taken the lead in developing Corda, a blockchain platform specifically designed for business-to-business transactions. The R3 eco comprises over 300 members from around the world, including financial institutions, regulatory authorities, central banks, industry associations, s integrators, and software vendors.
Corda is a blockchain platform designed for financial institutions. It is designed to be interoperable and confidential, which are essential qualities for financial transactions. A number of financial institutions are recently conducting trials for Corda, with already a few commercial uses of the platform in the market.
The R3 Corda blockchain platform prioritizes privacy, security, and interoperability. It also enables the safe and efficient exchange of data and value among participants. Besides, the platform is modular, offering flexibility to customize and adapt to specific requirements.
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The partnership between Ripple and SBI Holdings dates back to July 2021, with the launch of RippleNet’s first live On-Demand Liquidity (ODL) service in Japan. Also, as the two players build the “Internet of Value”, they have been leveraging Ripple’s blockchain solution RippleNet, which uses distributed ledger technology (DLT).
RippleNet allows participants to connect directly with financial institutions using a single API. It enables fast and secure money transfers in over 40 currencies to over 70 countries. SBI Ripple Asia offers RippleNet to financial institutions and money transfer service providers in Japan, South Korea, and select Southeast Asian countries.
Ripple’s ODL services provide on-demand liquidity using XRP tokens for offering instant settlements in cross-border transactions. Ripple and SBI Holdings have teamed up to make cross-border payments from Japan to the Philippines faster and cheaper. SBI Remit will connect with Coins.ph and SBI VC Trade on RippleNet, allowing customers to use the digital asset XRP to eliminate pre-funding and reduce costs. This partnership helps businesses save money, access capital, and expand their payment services.
SBI Remit, a company owned by SBI FinTech Solutions, is a leading money transfer service in Japan. They offer a quick and secure international money transfer service that takes only 10 minutes to complete. It’s a convenient and easy way to send money internationally.
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