SBI Remit, a remittance platform making use of Ripple’s Distributed Leger Technology to perfect remittance between Japan and Vietnam, has released a dumbfounding statement regarding its progress over the last 10 years of service within the financial industry.
A new release by the firm indicates that the subsidiary of SBI Group handling international remittance service business has seen a cumulative fund transfer to different countries across the world to the tune of 800 billion yen.
SBI Remit launched its service towards the end of December 2010 with the aim of offering financial services primarily to foreigners in Japan.
At the moment, the number of foreign residents in the country that make use of SBI Remit services has increased to 2.73 million as of December 2018, from 2,080,000 at the time of opening. This means SBI Remit’s users increased by 650,000 (31%). The increasing number of users made SBI partner with TienPhong Commercial Bank, a Vietnam’s commercial bank, to run the first remittance service between Japan and Vietnam. The remittance service solely makes use of Ripple’s technology.
TeinPhong Bank (TPBank) will also be introduced to Ripple’s dependent MoneyTap, and there is a high chance SBI Remit makes use of Ripple’s On-Demand Liquidity (ODL), a product of Ripple using XRP token for cross-border remittance service.
Today, great financial institutions like MoneyGram, make use of ODL, which was formally referred to as xRapid.
SBI Ripple Asia, which made it possible for TeinPhong Bank to make use of Ripple solution, is a joint consortium of SBI Ripple Asia and Ripple Labs. The consortium was established to offer a settlement platform based on DLT for financial institutions in the Japan-centric Asian region.
The consortium offers technology and marketing support for financial firms wanting to make use of RippleNet.