SBI Remit, the Japanese financial group SBI Holdings’ subsidiary, in partnership with Hamamatsu Iwata Bank, will launch an international money transfer service based on RippleNet.
According to a press release, the number of foreign workers in Japan has recently increased. Companies are compelled to draw them in due to the shrinking size of the workforce caused by low birthrates and an aging population.
The partners expect to leverage their strengths to jointly address demand from foreigners for money transfers to their families.
“Our mission is to provide financial services related to transfers for foreign residents, and we are using Ripple’s distributed ledger technology, which is distinguished by the speed of deposits and low fees,” the statement said.
It is also anticipated that the collaboration will help the bank, which already operates a cross-border transfer service, to expand its business overseas.
As reported, SBI Holdings supported Ripple after the U.S. Securities and Exchange Commission filed a lawsuit against the American fintech firm and its executives.
Ripple CEO Brad Garlinghouse said that the regulator’s claims did not affect the company’s growth in Asia. He emphasised that the use of XRP liquidity continues to grow, especially in Japan.
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