SBI CEO Speaks About Ripple During Earnings Presentation Call
Summary
- Yoshitaka Kitao, CEO of SBI Holdings, says that Ripple should “become a de facto standard” for international remittance
- SBI is one of the largest shareholders in Ripple
Japan’s prominent online broker, SBI, has been one of Ripple’s largest partners with its SBI Remit payment settlement platform. SBI Remit currently processes over 10 billion JPY in transactions monthly, using the RippleNet platform. However, SBI Remit is just the tip of the iceberg for Ripple’s RippleNet. As reported by The Crypto Associate, the financial conglomerate plans to consolidate Japanese ATMs with RippleNet technology.
Furthermore, in a recent earnings call, Yoshitaka Kitao, CEO of SBI holding and member of Ripple’s Board of Directors, talked about Ripple and technology commercialization.
Earnings Call
During the recent SBI Earnings Call, Kitao talked about Ripple and its role in international remittance.
So now blockchain initiatives by SBI Group. Ripple is for international remittance, and it should become a de facto standard
Yoshitaka Kitao (CEO of SBI Holdings)
According to the CEO, Ripple can become the standard for international remittance payments. SBI currently utilizes RippleNet to process and settlement payments abroad, quickly, and cost-effectively. BY utilizing RippleNet institutions get access to a uniform, reliable, and cost-effective platform.
This comes as Ripple joins the ISO Global Standards Body on Cross-Border Payments. It is the first member focused on Distributed Ledger Technology (DLT). DLT is the focus of many banks researching into blockchain applications, including international banks like Bank of America.
This is what I wanted to tell them is that, up until now, we have been focusing only on remittance and tying up with banks or money transfer brokers or agents because they wanted to — their mission was to create revolution in international remittance. But large trading firms have bases around the world, and that’s probably true with all the multinationals. Why don’t you move the money around there? You don’t have to work with just the finance sector. You can invite the multinational network into Ripple, and you can accelerate commercialization.
Yoshitaka Kitao (CEO of SBI Holdings)
Ripple’s technology has use cases beyond the immediate financial sector. Kitao notes that large trading firms with an international presence are an under-tapped market and can benefit from Ripple’s technology. This will bolster Ripple technology adoption and usage can accelerate rapidly.
Kitao’s statement is especially important being that he is the CEO of SBI Holdings, an international financial conglomerate. With SBI continuing to take advantage of Ripple’s technology, RippleNet usage continues to grow.
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