- Ripple partner SBI to partner with SMFG for digital banking
According to Nikkei, Ripple partner SBI is to partner with SMFG for digital banking.
Japan’s second-largest bank Sumitomo Mitsui Financial Group (SMFG) will enter a partnership with Japan’s prominent online broker SBI. SMFG will acquire a 20% stake in SBI’s subsidiary SBI Neo Mobile Securities in June. Furthermore, SMFG will put in $100 billion yen ($930 million) into a new SBI fund used to invest in financial technology. The investment fund will be used to invest in financial technology, including fintech and blockchain.
SBI Ripple’s top remittance partner accounting for the largest transaction volume on RippleNet. SBI is also the largest money transfer provider in Japan, which the largest economy after China. Furthermore, SBI CEO, Yoshitaka Kitao, is also a member of Ripple’s Board of Directors.
It is our duty to continuously search for superior technological solutions to deliver ever improving remittance services for our customers. With the steady rise of remittance flows, we see Ripple helping us open up new revenue potential for our business and a better overall experience for our customers.Nobuo Ando, Representative Director at SBI Remit Co., Ltd (Ripple.com)
SBI uses RippleNet to allow real-time payments between Japan and Thailand, both of which have rapidly developing economies. Using RippleNet for SBI payment transfers, it now takes only 3 seconds to settle a payment.
Furthermore, SBI’s partnership with Ripple expands beyond SBI itself. SBI has plans to expand RippleNet to many more banks in Asia.
Developing a system in cooperation with multiple banks, to utilize Ripple’s DLT for remittances from Japan to several of the Southeast Asian banks that the SBI Group has invested in.SBI Investor Presentation
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