Ripple’s partner, SBI Remit will closely work with Fukushima Bank, which is one of the major Japanese financial institutions, to enable the fast transfer of money.
SBI Remit, a partner of Ripple which uses its RippleNet, announced that it will partner with one of the largest banks in Japan Fukushima Bank. The partnership will see Fukushima Bank responsible for handling all SBI international remittance services.
The representative director of SBI Remit Nobou Ando stated:
“With the steady rise of remittance flows, we see Ripple helping us open up a new revenue potential for our business and better overall experience for our customers.”
SBI Remit has stated that it is committed to adopting the latest technology that will assist its service to be more convenient and secure for the customers to use. Through the partnership with Ripple, SBI remit is now able to offer services to Thai workers living in Japan to experience a fast and secure transaction between the two countries.
The partnership will be an added advantage to Ripple that already is making huge partnerships with other remittance companies around the world. SBI Holdings, which is the mother company to SBI remit, previously stated that from next month it will be offering its shareholders XRP as part of benefits.
With Fukushima Bank having strong command in Japan, the partnership will open a new market for SBI remit and also Ripple to explore. As the future for RippleNet widens, Ripple continues selling its agenda of adopting XRP for cheap and fast transactions especially cross-border payments.
Recently, Ripple was named among the top 100 cross-border payment companies doing well in the market, where it was put in the same category with big companies that are established. This gives confidence in other investors and remittance companies that maybe are skeptical of joining the XRP-RippleNet wave.
What SBI Remit-Fukushima Partnership Means to Ripple and XRP at Large
As the new partnership starts operating immediately, the ‘Ripple effect’ continues widening and covering wider grounds at a fast rate. RippleNet has been the flagship project for Ripple, where it promises its customers a cost-effective money transfer that is also fast.
Due to the huge customer base using the two financial institutions, Ripple is expecting to harvest huge not only in profits but also as a plus in its portfolio. As Ripple fights a class-action lawsuit back at home, it seems to be gaining trust from the international investors who see the technology as the next big wave that will move the financial system.
Most analysts agree on the issue that XRP might overtake most crypto assets in the future based on the foundation its parent company is putting at the moment.