SBI Ripple Asia has restated that it is looking towards covering over 50 percent of the overall Ripple network once the consortium and SBI Remit are able to achieve remittance from Japan to other banks in Southeast Asia.
The information was relayed at the SBI Holdings, Inc. 2019 Information Meeting held in November, with another one to be held today December 10 at Fukuoka City in Japan.
SBI Group says banks in Southeast Asia where it has invested will use the RippleNet which will later be updated to On-Demand Liquidity (XRP-centric solution) in partnership with SBI Remit, SBI Ripple Asia and several banks in Southeast Asia.
SBI Remit already started Japan-Vietnam remittance with TPBank since November 15, 2019. At the moment, SBI Remit, using RippleNet, has over 42% estimated share of the remittances from Japan to Vietnam.
The information report also elaborated on MoneyTap, a RippleNet remittance app. The report indicated that 30 Banks and three other prospective banks participated in raising capital for Money Tap.
Also, 9 more companies are also utilizing MoneyTap. Also, MoneyTap is considering receiving investment form U.S. Ripple Inc.
In the same line, MoneyTap is considering connecting with PayPay from this winter. As well, the remittance app is considering connecting with Line Pay,
Importantly, the report states RippleNet transaction is faster than SWIFT gpi. While Ripple perfects transaction within few seconds, SWIFT gpi does 40% of his transaction within 5 mins, 50% within 30 mins, and 75% within 6 hrs.
Banks willing to connect with MoneyTap do not need to pay for any development cost after connection, they can easily select prepaid charge provider.
December 7, NewsLogical reported that SBI is considering paying dividends to its shareholders in Ripple’s XRP. This is geared towards increasing the adoption of XRP and cryptocurrency in general.