Ripple, a prominent blockchain startup with a significant presence in Asian markets, has formed a strong partnership with Japanese financial giant SBI Holdings. Together, they have been working under the joint venture of SBI Ripple Asia for the past two years, aiming to create the “Internet of Value” by combining their respective technologies and expertise.
However, SBI Holdings has extended its collaboration to include a partnership with US-based financial technology company R3. This collaboration operates under the name SBI R3 Japan and involves the SVI Group, the largest shareholder in R3.
R3 is responsible for the development of Corda, a blockchain platform specifically designed for business-to-business transactions. With over 300 members worldwide, including financial institutions, regulatory authorities, central banks, industry associations, systems integrators, and software vendors, the R3 ecosystem is highly diverse.
Corda excels in providing privacy, security, and interoperability, which are essential for financial transactions. Financial institutions have recently begun conducting trials for Corda, and the platform has already experienced some commercial use.
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Ripple and SBI Holdings have enjoyed a partnership since July 2021 when they launched the first live On-Demand Liquidity (ODL) service in Japan by utilizing RippleNet. RippleNet is a blockchain solution that utilizes distributed ledger technology (DLT) and enables participants to connect directly with financial institutions using a single API. It facilitates fast and secure money transfers in over 40 currencies to more than 70 countries.
SBI Ripple Asia, a subsidiary of SBI Holdings, offers RippleNet to financial institutions and money transfer service providers in Japan, South Korea, and select Southeast Asian countries. Additionally, Ripple’s ODL services utilize XRP tokens to provide on-demand liquidity for instant settlements in cross-border transactions. This partnership between Ripple and SBI Holdings has resulted in faster and cheaper cross-border payments from Japan to the Philippines. SBI Remit, a leading money transfer service in Japan, connects with Coins.ph and SBI VC Trade on RippleNet, allowing customers to use XRP to eliminate pre-funding and reduce costs.
SBI Remit, owned by SBI FinTech Solutions, offers a quick and secure international money transfer service that takes only 10 minutes to complete. This service provides a convenient and easy way for individuals to send money internationally.
Expanding on their efforts to pioneer the “Internet of Value,” the joint venture between Ripple and SBI Holdings drives innovation in the Japanese and Asian markets. By merging their technologies and expertise, they aim to revolutionize cross-border payments, provide faster and cheaper services, and enable businesses to save money, access capital, and expand their payment capabilities.
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In conclusion, Ripple and SBI Holdings have formed a robust partnership to develop the “Internet of Value” in Japan and Asia. Together, they leverage Ripple’s blockchain solution, RippleNet, and its ODL services to facilitate fast and secure cross-border payments. Furthermore, SBI Holdings collaborates with R3 to develop Corda, a blockchain platform tailored towards business-to-business transactions. This partnership positions both companies at the forefront of innovation in the financial industry, aiming to revolutionize the way value is exchanged globally.
