SBI Ripple Asia, a consortium of large banks across Asia, is working on promoting XRP to its large user base as it prepares to take over at least 50% of the whole Ripple network, a document released by SBI Holdings has shown.
In the report, which contains SBI’s performance and strategy, the group says it is going to be making use of XRP for remittance between Japan and South-East Asia, pointing that SBI Remit, a subsidiary of the SBI Holdings will increasingly make use of Ripple’s On-Demand Liquidity service (xRapid).
SBI Holding is promoting the adoption of XRP in the region by gifting the asset to newbies. Morning Star Japan app, a platform where SBI has around 48.82% shares, gifted 30 XRP to around 15,000 Shareholders with minimum of 1 trading unit (100 shares) as of September 30, 2019.
Other SBI Group companies are as well considering to reward shareholders some XRP through a releated scheme.
Also SBI VC Trade is gifting SBI NEOMOBILE SECURITIES customers JPY 1000 worth XRP when they open new account on the platform.
Beyond all that, SBI Ripple Asia, a consortium created by Ripple, SBI and some other financial giants, is working to cover nearly 50% of the overall Ripple network once remittances from Japan to banks in Southeast Asia is functioning. The remittance corridor would be made to work in partnership with SBI Remit, SBI Ripple Asia and several banks in Southeast Asia.
In another development, MoneyTap, a business investment by Ripple and SBI Ripple Asia, partnered with Japanese mobile e-payment firm PayPay with more than 10 million users.
The partnership will make PayPay, with connection to 1 million merchants in the country, will start using MoneyTap, a cross-border remittance tool making use of Ripple’s xCurrent.
PayPay will link up with MoneyTap to catch up with the global trend of fast, efficient, and cheap remittance.
