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SBI Remit, a subsidiary of Japanese banking giant SBI Holdings announced a new partnership with Hamamatsu Iwata Credit Bank. As a part of the partnership, SBI would utilize Ripplenet technology for international remittance service starting from July 12.
Hamamatsu Iwata Credit Bank operates in a region with a high migrant population especially from Brazil, and the new partnership would help the bank customers to send money back home instantly at a very low cost of the transaction.
SBI in its official statement said,
“Our mission is to provide financial services centered on remittances to foreign residents, and we use Ripple’s distributed ledger technology, which is characterized by speed of deposit and low fees.”
SBI Holdings is one of the key strategic partners for Ripple in the Asia Pacific region, which has been using Ripple’s XRP On-Demand Liquidity (ODL) for a few years now.
Would Growing Demand for Cross-Border Remittance Lead to XRP ODL in Brazil?
The Japanese foreign population has grown to 2.88 million by June 2020, 60% of which belong to the working class. The growing population of foreign workers in the country calls for an equally sufficient remittance infrastructure. The popularity of Ripple’s XRP ODL has made it one of the growing choices among the foreign population for sending money overseas.
The current partnership between SBI Remit and Hamamatsu Iwata bank could pave the way for a new XRP ODL channel in Brazil as well.
SBI and Ripple’s strategic partnership has passed the test of time especially this year when Ripple is being sued by the US SEC. At a time when major exchanges and key partners abandoned Ripple, SBI continued to show support and made Ripple’s remittance technology a core part of its international settlements.
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