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SBI Holding’s Kitao Discusses XRP at FSA Japan’s Organised Financial Summit

Representative Director, President, and CEO of SBI Holdings, Yoshitaka Kitao has shown the beautiful futures of Ripple-initiated digital token XRP at the ongoing Financial Service Agency (FSA) Japan-organised summit.

Kitao, delivering a lengthy lecture on September 3rd 2019 at the summit reflects on the increasing adoption of cryptocurrency among millennia, citing how XRP and other digital assets have grown to be a commonly required form of money today.

The XRP-centric investors spoke on the Creation of Next-Generation Financial Institutions, touching the use of virtual currency in international remittance.

On SBI VC Trade

Speaking on SBI’s crypto exchange, SBI VC Trade, Kitao mentioned that the platform started with free commissions trading to step up the neo-securitization promotion of SBI.

He said Neomobile Securities account holders earn around 1,000 Yen in XRP up to the tune of 200,000 Yen; this is based on the volume of XRP transacted by users on the platform.

He spoke on Corda, which can be used in various sectors. He said SBI is concentrating on augmenting the use cases of R3’s Corda.

Aim to Use XRP

Kitao digressed to xCurrent and XRP-dependent xRapid, stating that SBI Remit will use XRP for remittance.

Google translation of President Kitao’s statement: “When remittance overseas, xCurrent. In the future, xRapid. In other words, we will use the virtual currency XRP (ripple) for remittance.”

He emphasized that the collaboration between SBI Group, SBI Ripple Asia, and SBI Remit has resulted in partnership with hosts of Southeast Asian Banks. Kitao then spoke about MoneyTap and how they allied with Ripple Inc. in Sans Francisco.

MoneyTap will remove installation costs to stores wanting to make use of the payment service.

Kitao has been a strong supporter of cryptocurrency, especially XRP. The CEO of SBI is one of the governing directors of Ripple Inc.

FIN/SUM Futures Big Firms

FIN/SUM is a yearly inventment jointly organised by Financial Services Agency Japan (FSA) and Nikkei Inc.

The financial summit is geared towards advocating present growth and developments of Japan’s FinTech to the world.

It is fashioned to increase collaborations and partnerships among firms within and outside the country. The summit is now ongoing in Marunouchi, Tokyo and it started on the 3rd and ends on 6th September 2019.

The ongoing summit features bigwigs in the fintech industry, including representatives from Citigroup, Loftwork Inc., Singularity University, NEC, Royal Holdings Co., Bank of Japan, and a host of government portfolio holders.

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Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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About the author

Olayode Yusuff

Olayode has made meaningful contributions to Huffington Post, Thrive Global, Oracle Times, The Independent Republic, Forbes, Washinghton Post and a host of other news magazine.

He’s a blockchain enthusiast covering news on notable cryptocurrencies and seminars from far and within.

Email: olayode.yusuff@newslogical.com

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